Oil prices have dropped by more than 1% due to growing exports from OPEC and a strong dollar.

Benchmark Brent crude futures dropped 57 cents to touch at $49.04 a barrel, while US WTI crude futures fell 63 cents to reach $46.44, reported Reuters. 

Commerzbank senior commodity analyst Carsten Fritsch was quoted by the news agency as saying: "The air is getting thin for oil prices.

“The price increase just ran out of steam, which is not very surprising, given the news-flow of rising OPEC supplies."

"The air is getting thin for oil prices."

According to another analyst, with the strengthening of the value of dollar, there is less incentive to invest in commodities such as crude oil.

According to a report by Thomson Reuters Oil Research, OPEC exports increased for the second month in a row in June to touch at 25.92 million bpd, an increase of 1.9 million bpd compared with the same month last year.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

OPEC’s efforts to curtail price decline have been undermined by growing output from Libya and Nigeria, which have been exempted from the cuts.

Libya’s crude production is around one million bpd, which is a four-year high.