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Oil prices drop as supplies increase

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts.Benchmark Brent crude was down 30 cents at $75.58 a barrel by 0910 GMT. U.S. light crude was 20 cents lower at $66.16.The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the last year.But the outlook for the oil market in the second half of ...

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First Published: Wed, June 13 2018. 15:32 IST
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