Oil Futures Extend Overnight Slide in Asia

02/07/18 11:35 PM EST
   By Biman Mukherji 
 

--Oil futures fell further in Asian trading Thursday after the market posted its biggest drop in two months Wednesday on record U.S. crude production.

--March light, sweet crude on the New York Mercantile Exchange was recently down 0.2% at $61.66 a barrel in the Globex trading session. April Brent eased 0.2% to $65.39.

--America's oil output hitting record levels comes at a time that other major producers, led by the Organization of the Petroleum Exporting Countries, are capping production in cut global inventories and bolster prices. With crude recently at three-year highs, that's pushed some to start pumping to take advantage.

 

Write to Biman Mukherji at biman.mukherji@wsj.com

 

(END) Dow Jones Newswires

February 07, 2018 23:35 ET (04:35 GMT)

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