Oil climbs, but record U.S. crude output, higher OPEC supplies drag

Oil prices edged higher on Tuesday after falling nearly 2 percent in the previous session, but growing U.S. production and expectations of higher OPEC supplies continue to weigh on sentiment.

Over the weekend, OPEC and non-OPEC Arab oil ministers agreed on the need for continued cooperation to balance global supply, Kuwait’s state news agency KUNA reported.

In March, U.S. crude output rose to 10.47 million barrels per day, the highest on record, according to a monthly report by the Energy Information Administration (EIA).

The number of rigs drilling in the United States was also up by two in the week to June 1, bringing the total to 861, the most since 2015, General Electric Co’s Baker Hughes energy services said on Friday.
more at: http://www.businessinsider.com/r-oil-climbs-but-record-us-crude-output-higher-opec-supplies-drag-2018-6