Crude oil prices fall slightly

Global crude oil prices fell slightly yesterday, from the two-and-half-year highs, as high output in the United States and also Russia undermined ongoing efforts led by OPEC to tighten the market. So U.S crude oil futures shed 3 cents, to 60.34 dollars a barrel. Brent crude futures fell 8 cents, to 66.49 dollars a barrel.

Analysts say the dips followed indications that markets had recently overshot as U.S. production is set to rise further and doubts are emerging about whether demand



growth can continue at current levels.

There was also some concern that Russian oil output is in fact not falling. The country is the world’s biggest oil producer and one of the key backers, together with the Organization of the Petroleum Exporting Countries, in cutting supplies. For the whole of 2017, Russian output rose to an average of 10.98 million barrels per day, compared with 10.96 million barrels per day in 2016 and 10.72 million barrels per day in 2015.