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Oil fell by nearly 3 percent, pressured by expectations of weaker global demand and by US dollar strength ahead of possible large increases to interest rates, although supply worries limited the decline.  Brent crude for November delivery fell $2.64, or 2.89 percent, to $88.71 a barrel.  WTI for October dropped 2.96, or 3.48 percent, to $82.15.  Also, Kuwait Petroleum Corporation’s CEO said that the Gulf state currently produces more than 2.8 million barrels per day of oil in accordance with its OPEC quota.

Crude falls; Kuwait’s oil output over 2.8m bpd

< 1 minute read

Oil fell by nearly 3 percent, pressured by expectations of weaker global demand and by US dollar strength ahead of possible large increases to interest rates, although supply worries limited the decline.  Brent crude for November delivery fell $2.64, or 2.89 percent, to $88.71 a barrel.  WTI for October dropped 2.96, or 3.48 percent, to $82.15.  Also, Kuwait Petroleum Corporation’s CEO said that the Gulf state currently produces more than 2.8 million barrels per day of oil in accordance with its OPEC quota.

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