Oil Falls From 2015 Highs – 4 January, 2018

After hitting new records not seen since 2015, oil prices fell as fast growing U.S. production undermined a 10 percent rally due to tension in Iran, an OPEC member and it’s third largest producer, as well as tightening of supplies. Brent Crude Futures fell 8 cents to $67.99 a barrel, and West Texas Intermediate fell 6 cents to $61.95 per barrel. In the week of December 29, U.S. oil production fell by 7.4 million barrels, down to 424.46 million barrels.