WASHINGTON (dpa-AFX) - Crude oil futures plunged Wednesday amid the continued tug of war between OPEC and the U.S. regarding production.
OPEC says member nations have complied with planned supply cuts, but analysts say that rising U.S. production will offset quotas elsewhere.
Yesterday on Bloomberg, IEA Executive Director Fatih Birol said that higher oil prices will trigger a 'significant' boost in U.S. shale output.
Meanwhile, OPEC pumped 33.085 million barrels per day (bpd) last month, down from a 7-year high of 221,000 bpd from November, OPEC said in a monthly report.
The American Petroleum Institute is out with its weekly report on U.S. inventories later today.
WTI light sweet crude oil was down $1.40, or 2.6 percent, to $51.08/bbl.
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