Oil dips from mid-2015 highs as higher output looms
This follows indications that markets have recently overshot as US production is set to rise further: traders
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Singapore
OIL prices on Wednesday dipped away from the mid-2015 highs reached the previous session as high output in the United States and also Russia undermined ongoing efforts led by the Organization of the Petroleum Exporting Countries (Opec) to tighten the market.
US West Texas Intermediate (WTI) crude futures were at US$60.34 a barrel at 0739 GMT, down three cents from their last close, though still not far off the price of US$60.74 reached on the previous day, which was the highest since June 2015.
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