Energy

US, OPEC supply has extinguished upside potential, analyst says

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Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018.

Benjamin Lowy | Getty Images

An increase in production from the U.S. and OPEC has offset any remaining upside potential for oil prices, according to one analyst, with crude futures on track to register a weekly loss.

U.S. oil production surged by almost 600,000 barrels per day (bpd) in August, government data published Thursday showed, hitting a record of 12.4 million. The increase was largely due to a 30% surge in Gulf of Mexico output.

Meanwhile, a Reuters survey on OPEC production showed production rose by 690,000 bpd in October. That brought the Middle East-dominated group’s total supply back up…



Source cnbc.com

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