American production makes oil price fall

Once again the American oil production struck the advances of commodity valuation and made the price of the barrel plummet this beginning of the week. The quotation of future WTI oil contracts receded US $0.60, the barrel, passing to US $64.68, while Brent had dropped from us $0.64, going to us $67.70, lower level around a month.

Data from General Electric Baker Hughes has shown that the number of American oil exploration probes in activity has risen for the second week in a row. As an increase in six probes, 765 was totaled last week, indicating an increase in American production.

According to U.S. government data, oil production in the country rose to 9,910,000 barrels a day last week, the highest level since the early 1970. At the end of 2016 the members of the Organization of Oil exporting countries and partner countries like Russia, agreed to cut oil production in 1.8 million barrels with a deadline to end at 2018.

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