Bullionguru’s”Oil prices fall on OPEC output increase, rising U.S. crude stocks”

Live NEWS Update

Oil prices fell around 1 percent on Wednesday after data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite its pledge to cut back on output.

Brent crude futures (LCOc1) were at $48.28 per barrel at 0523 GMT, down 44 cents, or 0.9 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $45.96 per barrel, down 50 cents, or 1.1 percent.

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