Rising supplies in the United States slips oil prices

Oil prices slipped yesterday, hit by rising supplies in the United States and expectations that producers could relax voluntary output cuts. Brent crude was down 20 cents at $75.68 a barrel by 1330 GMT.

US light crude was 35 cents lower at $66.01. The Organisation of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started pumping less in 2017 to reduce a supply overhang, and prices have risen by around 60 per cent over the last year.

OPEC and other producers will meet on June 22-23 in Vienna to discuss future production. US crude oil inventories rose by 830,000 barrels in the week to June 8, to 433.7 million, the American Petroleum Institute said on Tuesday.

Rising US stocks partly reflect a surge in US crude production, which has jumped by almost a third in the last two years to a record 10.8 million barrels per day (bpd).