Oil Falls From Five-Month High Amid Signs of Growing Crude Glut
- Kuwait output set to reach record 3.15 million barrels a day
- U.S. crude supply topped 540 million barrels: Bloomberg Survey
Commodities Check: See More Downside for Oil?
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Oil fell from a five-month high in New York amid signs a global glut will be prolonged as Middle East producers boost supplies.
Kuwait plans to expand oil production to more than 3 million barrels a day by June, doubling output from where it stood during last week’s oil-worker strike. Iran has increased output by 1 million barrels a day since sanctions were lifted in January, Shana reported, citing Oil Minister Bijan Namdar Zanganeh. A government report Wednesday is projected to show U.S. crude supplies topped 540 million barrels for the first time since 1929.