Prices for oil in international markets dipped on Thursday as reports revealed a rise in oil supply from OPEC member countries despite agreements over gradual production cuts.
Lack of discipline from OPEC members and Russia has led to a decline in oil prices markets since Tuesday. Prices for oil crossed the 50 Dollar threshold after 3 months on Monday, gainaing more than 10 percent in sessions before Monday. But the prices can down yet again as the reports from OPEC producers highlighted the rise in production from Russia and OPEC members.
Prices for oil have been trading upward ever since reports came in from US of a tightening market and a record weekly rise in demand. But any translation from these factors into oil prices was hindered by increasing OPEC supplies.
Brent crude futures, the international benchmark for oil prices, were trading down 20 cents, or 0.4 percent, at $52.16 per barrel at 0506 GMT.
U.S. West Texas Intermediate (WTI) crude futures were at $49.40 per barrel, down 19 cents, or 0.4 percent.
Reports from various analysts across the world indicate that oil exports from Russia and OPEC tounched their 2017 high in July, with total output from the cartel reaching 32 million up from 30.2 million in January 2017.
