Oil prices fell on Thursday, pulled down by record U.S. crude production that le...
SINGAPORE - Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in stockpiles.
Spot Brent crude oil futures were at $71.91 per barrel at 0239 GMT, 27 cents, or 0.4 percent, below their last close. “This comes as U.S. refineries head into the spring maintenance period, stoking fears that crude oil demand will be soft and stockpiles will continue to rise,” it added. Oman’s energy minister Mohammed bin Hamad al-Rumhy said on Wednesday it was OPEC’s goal to extend the cuts, which were started in January, when they next meet in June.
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