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Oil prices fall on signs of rising supplies, ebbing confidence on global economy

Updated : November 01, 2018 08:00:16 IST

Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent falling 8.8 percent for the month and WTI dropping 10.9 percent.
Thursday's drops came after US Energy Information Administration data showed crude oil inventories climbed for a sixth straight week.
Meanwhile a Reuters survey found the Organisation of the Petroleum Exporting Countries (OPEC) boosted oil production in October to its highest since 2016, as higher output led by the United Arab Emirates and Libya more than offset a cut in Iranian shipments due to US sanctions, set to start on November 4.
Published : November 01, 2018 07:15 AM IST

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