UPDATE 5-Oil slips to $66 a barrel as U.S. output offsets OPEC curbs

From Reuters - February 23, 2018

LONDON (Reuters) - 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.

The U.S. is pumping out a record amount of oil, said Naeem Aslam, chief market analyst at Think Markets UK Ltd.

The bull rally which we have seen for the black gold could fade away as the U.S. oil production undermines the OPEC production cut commitments, he said.

Brent crude, the global benchmark, was down 34 cents at $66.05 at 0934 GMT. 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.


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