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Crude oil continues to remain under pressure

14 Feb 2018

Crude oil prices remained under pressure after more than 9% slide last week. Worries over rising US Crude oil production along with reports of further build in stocks at US continue to weigh on the prices.

US crude oil production for week ending February 2 stood at record high of 10.251 million bpd, overtaking top exporter Saudi Arabia and coming within reach of top producer Russia.

Meanwhile data from API late on Tuesday showed that stocks rose by 3.947 million barrels for the week ending February 9, as against market expectation of 2.7 million barrels.

Further IEA's Oil Market Report, released earlier on Tuesday, too painted a grim picture for oil prices with US production growth outstripping demand growth.

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