Oil prices dipped on Thursday, dragged down by weakening factory output in China...
SINGAPORE - Oil prices dipped on Thursday, dragged down by weakening factory output in China and Japan and record U.S. crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC.
International Brent crude futures were at $66.20 per barrel at 0525 GMT, down 19 cents, or 0.3 percent from their last close. Prices were dragged down by surging American crude oil production, which has risen by more than 2 million barrels per day over the last year, to an unprecedented 12.1 million bpd.Factory activity in China, the world’s biggest oil importer, shrank for a third straight month in February, as export orders fell at the fastest pace since the global financial crisis a decade ago, official data showed on Thursday.
Still, oil markets remain relatively well supported by supply cuts by the Organization of the Petroleum Exporting Countries , which together with some non-affiliated producers like Russia, known as ‘OPEC+’, agreed late last year to reduce output by 1.2 million bpd to prop up prices.
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