OPEC: Oil prices could fall further on rising U.S. oil output - WSJ
|Citing an internal report, The Wall Street Journal reported that OPEC was expecting oil prices to fall further in the coming weeks on rising crude oil production in the U.S.
"A coming seasonal scale back in refinery demand could result in oil stock builds. The buildup amid the upward trend in US crude oil production, could be a bearish factor for oil prices in the coming few weeks," the report explained, according to The WSJ.
As of writing, the barrel of West Texas Intermediate was trading at its lowest level in a month at $68.70, losing nearly 2% on a daily basis.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.