LIVE CRUDE UPDATE ::
Oil prices fell on Tuesday on evidence of higher U.S. oil production and increasing U.S. crude inventories, but reports of a fall in Iranian oil exports helped limit losses.
Brent crude LCOc1 was down 50 cents a barrel at $80.28 by 0900 GMT. U.S. light crude CLc1 was 50 cents lower at $71.28.
“Shale oil production continues unabated in the United States,” said Carsten Fritsch, commodities analyst at Commerzbank (DE:CBKG). “Rising U.S. oil production is one key reason why the global oil market is likely to be amply supplied next year.”
Oil production from seven major U.S. shale basins is expected to rise by 98,000 barrels per day (bpd) in November to a record of 7.71 million bpd, the U.S. Energy Information Administration (EIA) said. largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a fresh peak of 3.55 million bpd.
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