Oil fell to around $53 a barrel on Wednesday, pressured by rising output in major OPEC and non-OPEC producers and concern about an economic slowdown that could weaken demand.
Russian production hit a post-Soviet record in 2018, figures on Wednesday showed. Earlier this week, official data showed U.S. output reached a record in October and Iraq boosted oil exports in December. crude LCOc1 fell 70 cents to $53.10 a barrel at 0838 GMT. On Dec. 26, it reached $49.93, the lowest since July 2017. U.S. crude CLc1 slipped 62 cents to $44.79.