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Oil prices fall as rising U.S. shale output undermines OPEC's supply cuts

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices fell on Tuesday as the prospect of further rises in U.S. output undermined ongoing OPEC-led production cuts aimed at tightening the market.Brent crude futures were at $62.85 per barrel at 0747 GMT, down 31 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude was at $56.55 per barrel, down 21 cents, or 0.4 percent.The falls came after both crude benchmarks early last week hit highs last seen in 2015, but traders said the market had lost some momentum since then.Traders said they were cautious on betting on ...

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First Published: Tue, November 14 2017. 13:29 IST