Oil prices slip as data point to fast-growing US and non-OPEC supply [CNBC]
Churchill Capital Corp V Class A (CCV)
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Source: CNBC
Getty Images Oil fell on Wednesday after reports showed global supply was rising and U.S. crude inventories were still increasing, fueling concerns the market could remain oversupplied for longer than expected. Brent crude was down 14 cents a barrel at $48.58 by 9:07 a.m. ET (1307 GMT). U.S. crude was 21 cents lower at $46.25. Crude prices have fallen more than 10 percent since late May, pulled down by heavy global oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Countries to curb production. OPEC and other exporters such as Russia have agreed to keep production almost 1.8 million barrels per day (bpd) below the levels pumped at the end of last year and not to increase output until the end of the first quarter of 2018. But adherence to the cuts is under scrutiny and the producer group said this week that its output rose by 336,000 bpd in May to 32.14 million bpd. show chapters
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