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Oil Prices Fall on Increased US Production; British PM Calls Snap Election

Published April 18, 2017
  • Oil prices fell this morning on news that US shale oil output is expected to post the largest monthly rise in more than two years next month; US drillers seek to maintain momentum after last Friday showed a 13th straight weekly rise in active US oil rigs
  • Oil’s value remains under pressure as investors looked ahead to weekly industry data on US stockpiles of crude and refined products; the American Petroleum Institute is due to release its report at 4:30 PM EST
  • OPEC members will meet again later in April to assess compliance of the current deal to cut oil output; this will mark the last meeting before the group meets again on May 25th to decide on an extension of the original production cut
  • The number for new US building permits last month exceeded expectations at 1.26 million versus expected 1.25 million; new US housing starts fell below expectations at 1.22 million versus an anticipated 1.25 million
  • The pound is up against the dollar after British Prime Minister Theresa May announced plans to seek a snap general election on June 8, 2017; May’s statement showed she seeks to gain further support for her Brexit plan