Crude prices drop
By Sara Israfilbayova
World oil prices fell on Friday on the data on the growth of oil production and gasoline reserves in the U.S.
Brent crude futures dipped 0.98 percent, to $68.63 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were at $63.21 a barrel, down 1.16 percent, according to Rosbalt.ru.
The U.S. Energy Department reported that oil reserves fell by 6.86 million barrels last week. This is more than the reduction in inventories announced on the eve of the American Petroleum Institute (5.12 million barrels), and more experts forecast (3.5 million barrels).
Meanwhile, gasoline reserves in the country increased by 3.62 million barrels, distillates - decreased by 3.89 million barrels. Oil production in the U.S. increased by 2.7 percent, or 258,000 barrels per day, to 9.75 million barrels.
Several analysts have also predicted US oil output to break through 10 million barrels per day soon.
At the same time, oil imports grew by 292,000 barrels last week.
Earlier, OPEC reported that there is an increase in oil production by the cartel countries by 42,000 barrels, to 32.42 million barrels.
In November 2016, the OPEC summit was held in Vienna, where OPEC members reached an agreement on reducing oil output by 1.2 million barrels per day. In December 2016 was a meeting of oil producers outside the OPEC. The meeting ended with signing an agreement to reduce oil production by a total of 558,000 barrels per day starting from January 2017.
OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
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