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Oil down

Tokyo : Oil prices on Tuesday erased earlier gains as investor concerns about rising U.S. oil output offset signs of stronger demand and faith in the ability of OPEC production curbs to curtail supply.

U.S. West Texas Intermediate (WTI) crude for April delivery was down 15 cents, or 0.2 percent, at $63.76 a barrel by 0532 GMT.

The contract on Monday rose to its highest since Feb. 6 at $64.24.Brent crude in London was down 10 cents, or 0.2 percent, at $67.40 a barrel. Soaring U.S. production is upending global oil markets, coming at a time when other major producers - including Russia and members of the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) - have been withholding output to prop up prices. The US will overtake Russia as the world´s biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) Executive Director Fatih Birol said on Tuesday.



from The News International - Business http://ift.tt/2oCAraG
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