Oil Prices Fall By 2 Percent For Third Consecutive Day – 14 November, 2017

Oil prices dropped for for a third straight day as U.S. crude output increased. Despite hitting their highest levels since 2015 just last week, West Texas Intermediate fell 2 percent to $1.16 and $55.60, while Brent futures also declined by 2 percent down to $1.24 and $61.92 per barrel. Despite OPEC and other exporters cutting back production, U.S. output grew by 14 percent to 9.62 million barrels per day since mid 2016, and is expected to grow by another 80,000 barrels per day in December, rising for the 12th consecutive month.