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Oil set for weekly decline amid surging US output, expected OPEC increase

Updated : May 03, 2019 10:29 AM IST

Brent crude oil futures were at $70.38 per barrel at 0440 GMT, down 37 cents, or 0.5 percent, from their last close.
US crude oil production reached a record 12.3 million barrels per day (bpd) last week, rising by around 2 million bpd over the past year.
Rising US oil production has helped offset some of the disruptions from US sanctions against Iran and Venezuela.
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