Oil Prices Slump Over 1% On Rise In US Output

Oil prices fell by more than 1 percent early on Friday, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise. Brent crude futures, the international benchmark for oil prices, were trading down 59 cents, or 1.2 percent, at $47.52 per barrel by 0226 GMT.  U.S. West Texas Intermediate (WTI) crude futures were at $44.94 per barrel, down 58 cents, or 1.3 percent.
News of the production rise outweighed positive sentiment from falling crude and gasoline inventories in the United States. Oil prices were initially stronger of the back of the better than expected drawdown in inventories. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774