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Oil back in red once again, WTI below USD 37.00/barrel

FXStreet (Mumbai) - Oil prices fell into losses in the US session after the OPEC monthly report showed its own output rose.

At the time of writing, the WTI Jan futures were down 54 cents or 1.5% at USD 36.62/barrel. Brent futures were down 34 cents or 0.80% at USD 39.77/barrel.

The latest drop was triggered by the OPEC report, which heightened concerns regarding the supply glut. OPEC’s monthly report revealed a higher output from Iraq pushed up total production in November by 230,100 barrels a day from October, to 31.695 million barrels a day.

Prices traded higher in Europe after US government said crude stockpiles fell by more than expected last week. But traders remained cautious since the stockpiles of US distillates, including heating oil and diesel fuel, grew sharply by 5 million barrels last week.

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