Global oil prices have fallen further in the wake of anticipated US crude inventories data, even as the market took stock of the impact of rising US crude output and the recent decision by major oil producers to extend production cuts.

International benchmark Brent crude futures fell 10 cents, or 0.2%, trading at $62.35 a barrel, while US West Texas Intermediate (WTI) crude futures dipped 4 cents, or 0.1%, trading at $57.43 a barrel, according to Reuters.

Last month, the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC producers reached a deal to extend their agreement to cut output by 1.8 million barrels per day (bpd) until the end of next year in an attempt to realise improved prices.

Meanwhile, Goldman Sachs revised its Brent and WTI spot forecasts for next year.

“Goldman Sachs raised the forecast for Brent crude to $62 a barrel, increasing from its previous estimate of $58, while WTI went up to $57.50 from $55.”

The bank raised the forecast for Brent crude to $62 a barrel, increasing from its previous estimate of $58, while WTI went up to $57.50 from $55.

Goldman Sachs was quoted by the news agency as saying: “By 2019, however, we believe the response of shale and other producers to higher prices will incentivise OPEC and Russia to pare back their now greater spare capacity, leaving risks to prices skewed to the downside.”

OPEC’s efforts to improve the price have been challenged by rising US production, as indicated by growing number of American oil rigs and increasing budget allocations.

US crude production jumped to around 9.5 million barrels per day in September, marking the country’s highest production in a month since 2015.