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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