Oil News

The Organization of Petroleum Exporting Countries increased oil production last month, exceeding the group’s quota by 967,000 barrels a day

Oil falls as Opec says it will increase output and the stock market tumbles

The Organization of Petroleum Exporting Countries increased oil production last month, exceeding the group’s quota by 967,000 barrels a day

Oil fell after OPEC boosted output for the first time since July and U.S. equities dropped on a report showing that retail sales unexpectedly weakened in April.

The Organization of Petroleum Exporting Countries increased oil production last month, exceeding the group’s quota by 967,000 barrels a day. Stocks fell in the U.S., the world’s largest oil-consuming nation, after the Commerce Department said that purchases at stores decreased 0.4 percent.

“The international macro data released last night was not supportive for the oil price, although the U.S. EIA inventory data show a sharp fall in crude inventories,” said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. Crude is trading at $57.15 as of 9:13am, London Time. Crude’s Pool-Position is 92% Long, meaning that most Finotec clients are buying the commodity.

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