U.S. Crude Inventories Cause Oil Prices To Fall – 2 May, 2018

Oil prices have fallen due to U.S. crude inventories reaching new records in production, countering efforts by OPEC to cut global supplies. Brent crude futures are down 15 cents and 0.2 percent to $73.21 per barrel, while U.S. West Texas Intermediate is down 8 cents and 0.1 percent to $67.85 per barrel. Crude inventories jumped 6.2 million barrels in the week of April 27 and reaching a 2018 high of 435.96 million barrels. Production also hit a record last seen in 2016 of 10.62 million barrels per day, surpassing Saudi Arabia’s output and only second to Russia’s 11 million barrels per day.