Oil Prices Fall as U.S. Output Rises

Posted by Sean Quinlan on Jan 23, 2017 12:41:00 PM

Oil futures fell on Monday after reports of an increase in U.S. crude production, defying the efforts of OPEC, as well as non-OPEC producers' goals to reduce output levels. The global benchmark Brent crude prices dropped $0.49 to $55 per barrel, while WTI crude futures traded down 1.2%, at $52.58 per barrel. U.S. oil production has risen 6% since Q3 2016, and data suggests production will continue to rise. U.S. drillers added the most rigs in nearly 4 years last week [source], offsetting reduction efforts by OPEC. The offset could stir up some tensions with U.S. allied OPEC partners, who were showing "...'very good' compliance..." [source] to reach the goal, as described by Saudi Arabia's energy minister, Khalid al-Falih.

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Topics: Oil, Gas, OPEC

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