Investing.com | Feb 09, 2018 10:05AM ET
Investing.com - Crude oil prices continued to tumble on Thursday, as concerns over rising U.S. production continued to weigh heavily on the commodity.
The U.S. West Texas Intermediate crude March contract was down 77 cents or about 1.32% at $60.38 a barrel by 04:00 a.m. ET (08:00 GMT), the lowest since January 3.
Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London declined 89 cents or about 1.34% to $63.91 a barrel, the lowest since December 20.
Oil prices were hit after data showed that U.S. oil production topped the 10 million barrels per day (bpd) mark last week.
Domestic oil production, driven by shale extraction, rose 3.3% to an all-time high of 10.25 million bpd, the U.S. Energy Information Administration said. That figure is above that of top exporter Saudi Arabia and within reach of Russia's output levels.
The commodity was also pressure lower by news U.S. commercial crude stocks increased by 1.9 million barrels in the week to February 2, to 420.25 million barrels.
That added to fears that rising U.S. output would dampen OPEC’s efforts to rid the market of excess supplies.
The producer group, along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018.
The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.
Separately, Iran announced plans on Thursday to increase production within the next four years by at least 700,000 barrels a day.
Written By: Investing.com
Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Trading or investing in cryptocurrencies carries with it potential risks. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures), Forex and cryptocurrencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.