Oil slips to $66 a barrel as U.S. output offsets OPEC curbs
Friday,
23-Feb-2018
04:28 PM (IST)
Oil slipped to $66 a barrel on Friday, under pressure from concerns that rising U.S. oil output and exports will offset OPEC-led attempts to erode stockpiles with output curbs.U.S. oil production last week was 10.27 million barrels per day, a record level if confirmed by monthly figures. Crude exports jumped to more than 2 million bpd, close to a record high of 2.1 million hit in October.Brent crude, the global benchmark, was down 34 cents at $66.05. Prices had rallied in early 2018 and reached $71.28 on Jan. 25, the highest since December 2014.U.S. crude fell 27 cents to $62.50.Oil also slipped as the U.S. dollar strengthened. A stronger dollar can make oil and other commodities denominated in the U.S. currency more expensive for other currency holders.
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