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Business & Finance

Crude Oil Prices Drop

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Crude oil prices have fallen in early trading today on concerns that a looming rise in middle east output may drag the stronger markets seen in April, although declining US Production and a weakening dollar are still offering support.

According to Deutsche Bank, an imminent rise in production by members of the Organization of the Petroleum Exporting Countries with climbing Iranian output and following outages in Iraq, Nigeria and the United Arab Emirates could cap recent oil price rises.

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The bank also says it expects crude production for 2017 to be around 33.1 million barrels per day “with upside risk originating from Libya and Saudi Arabia, and downside risks from unplanned outages and spending cuts in Iraq.

Brent crude futures were trading at 47 dollars 92 cents per barrel at 0236 GMT, down 22 cents from their last close but contracts remained near 2016 highs of $48.19.

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