Oil prices fell on Wednesday on expectations that US producers would boost output.
Brent crude futures, the international benchmark for oil prices, were down 82 cents $54.65 a barrel at 1008 GMT.
US West Texas Intermediate (WTI) crude oil futures were trading down 80 cents at $51.68 per barrel.
US shale production is set to snap a three-month decline in February, the US Energy Information Administration said on Tuesday, as energy firms boost drilling activity with crude prices hovering near 18-month highs.
February production will edge up 40,750 barrels per day (bpd) to 4.748 million bpd, the EIA said. In January, it was expected to drop by 5,900 bpd.
“It’s the eternal question about the current flat price and what it does to US crude oil production,” Petromatrix oil strategist Olivier Jakob said.
Representative Ryan Zinke of Montana, President-elect Donald Trump’s nominee for interior secretary, on Tuesday said he would consider an expansion of energy drilling and mining on federal lands but would ensure sensitive areas remain protected.

Oil price slides on prospect of rising US production

Men work on an well pump near Sweetwater, Texas in the US. (AP )
Reuters, London
Wednesday 18 January 2017
Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48
DAY | WEEK |
-
17969 Views Loud explosion heard in Saudi Arabia's capital Riyadh
-
4341 Views COVID-19 vaccine might be needed every year: UAE health spokesperson
-
4037 Views Sinopharm Peru vaccine trial volunteer dies of COVID-19 pneumonia, received placebo
-
3877 Views Israel talks tough on Iran, Hezbollah, Hamas: Our response to be extreme in next war
-
3206 Views US Senate Republicans unite behind failed efforts to halt Trump impeachment trial
-
1628 Views Coronavirus: US pharmacist tries to spoil COVID-19 vaccines, pleads guilty
-
24480 Views Coronavirus: Dubai temporarily postpones Pfizer vaccine campaign amid global shortage
-
19920 Views Saudi Arabia’s PIF to invest 3 trillion riyals over next 10 years: Crown Prince
-
17969 Views Loud explosion heard in Saudi Arabia's capital Riyadh
-
11211 Views The American University of Beirut’s battle for survival
-
9609 Views Full moon to align directly above Kaaba in Mecca on Jan. 28
-
8718 Views Coronavirus: Dubai restaurants offer discounts for vaccinated diners
SHOW MORE