1st September 2014
Brent crude oil futures have declined in commodities trading markets today (September 1st), continuing a two-month slide.
According to estimates, the Organization of Petroleum Exporting Countries (OPEC) increased its output by 891,000 barrels to 31 million per day in August.
Having declined by 5.6 per cent in July and 2.7 per cent in August, the contract is on course for its longest losing streak since the period ending May 2013. Since the turn of the year, it has declined by 7.1 per cent.
Iraq, the second-largest producing member of OPEC, boosted output by 90,000 barrels per day last month, with conflict in the country as yet sparing the south, which is home to three-quarters of the nation's production.
On the London-based ICE Futures Europe exchange, Brent for October settlement dropped by 37 cents to $102.82 per barrel early in the European session. US floor trading will remain closed for the Labor Day holiday today, limiting transaction volumes.
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