The Wall Street Journal: Oil could fall further on rising U.S. supplies, says internal OPEC report

Rising crude oil inventories and increased output in the U.S. could push oil prices down in the coming weeks, an internal OPEC report said Thursday.

A coming “seasonal scale back in refinery demand…could result in oil stock builds,” said an internal market report, which was circulated late Thursday within the Organization of the Petroleum Exporting Countries and reviewed by The Wall Street Journal.

The buildup, “amid the upward trend in US crude oil production, could be a bearish factor for oil prices in the coming few weeks,” the report said.

OPEC’s assessment came as Brent crude LCOZ8, +0.29% the global oil benchmark, fell below the $80-a-barrel threshold for the first time in nearly a month on Thursday, after data showed an unexpected rise in U.S.

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