Crude dives more than 1% on recovery in American output

Crude dives more than 1% on recovery in American output

On Friday, crude sank more than 1% because a bounce-back in American output outweighed everlasting dips in oil inventories.

If Friday's goes down last, it’s going to be the biggest weekly price drop since October this week.

Brent crude futures hit $68.46, losing 1.2% from their previous settlement. On Monday, they reached their highest value since December, 2014, sticking to $70.37 per barrel.

American West Texas Intermediate crude futures showed $63.02 a barrel, sliding 1.5% from their previous close. On Tuesday, WTI futures marked a December-2014 maximum of $64.89 per barrel.

Market participants told that the lower prices were caused by a recovery in American crude output after a recent sag and also by an expected dive in demand when winter is over in the northern hemisphere.

On January 12, American crude output kept to 9.75 million barrels a day, as data from the Energy Information Administration disclosed.

 

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