Oil prices tumble on fears of OPEC production increases

US Oil prices edged high on Wednesday after industry data showed a fall in US crude Inventories.

Crude oil is trading at $65.89 a barrel up by 0.39 percent whereas Brent is currently trading at $76 a barrel up by 0.82 percent.

Global oil prices were up on the back of higher than expected draw in US Crude Inventories. American Petroleum Institute (API) reported a draw of 2.028 million barrels for the previous week against the forecasts of 1.824 million barrels by oil experts and analysts.

Oil prices showed a slight increase as the American Petroleum Institute (API) reported a draw of 2.028 million barrels during the week ending 01 June2018 compared to the analyst forecast, which shows a draw of 1.824 million barrels.

Last week API reported a build of 1.001 million barrel.

According to the CNBC’s report “U.S. crude marked its lowest level in nearly two months on Tuesday after three OPEC and industry sources said the U.S. government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, although it has not requested a specific figure.”