Mubasher: Oil prices fell on Wednesday, recording its lowest level in two weeks.
The Organization of the Petroleum Exporting Countries’ (OPEC) monthly report showed an increase in production by member states by around 173,400 barrels per day to a total of 32.327 million barrels per day, which rose concerns regarding an oversupply, especially as OPEC is expecting supplies from non-OPEC to reach 59.54 million barrels per day in 2018 and 61.64 million barrels in 2019.
The United States Energy Information Administration (EIA) reported a 12.6 million barrel-decline in crude oil inventories, while American production settled near the record level of 10.9 million barrels per day.
Reopening four oil ports in Libya also decreased fears regarding a drop in supplies, which widened crude losses.
Nymex futures saw its biggest daily decline in two years, as it fell 5% to the level of $70.38 per barrel, its lowest since 25 June.
Also read: OPEC, Russia agree on oil supply curbs