Oil prices on Friday were set to fall for the week as surging U.S. output and an...
SINGAPORE - Oil prices on Friday were set to fall for the week as surging U.S. output and an expected supply increase from the Organization of the Petroleum Exporting Countries weighed on markets.
U.S. West Texas Intermediate crude futures were down 20 cents, or 0.3 percent, at $61.61 per barrel. U.S. crude oil production reached a record 12.3 million barrels per day last week, rising by around 2 million bpd over the past year. U.S. crude exports broke through 3 million bpd for the first time this year, according to data from the Energy Information Administration.
In the United States, analysts say supply will rise further as its export infrastructure is improved. Despite these disruptions and sharp oil price rises in the first months of this year, some analysts say the long-term price risk to crude oil is skewed to the downside.
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