Oil slips as OPEC, Iran worries bump against U.S. output
Oil prices slipped on Thursday as swelling U.S. crude inventories and record weekly U.S. production clashed with OPEC supply cuts and the potential for new U.S. sanctions against Iran. On Wednesday, a report from the U.S. Energy Information Administration (EIA) showed a 6.2-million-barrel jump in U.S. crude inventories C-STK-T-EIA. U.S. oil production rose to a record of 10.62 million bpd, putting it ahead of Saudi Arabia, the biggest OPEC producer. U.S. drilling for new production is also increasing, encouraged by rising prices following OPEC’s production curbs. Click Read More below for additional information.