Oil prices tipped to decline as output lifts

Production rose 0.5 per cent from September to 30.61 million barrels a day, according to the survey of oil companies, producers and analysts. It was OPEC’s highest output since November 1979, US Energy Department figures show.

“Everyone who has oil has been pumping at maximum and that will produce lower prices,” said John Caiazzo, president of commodity brokerage Acuvest in Temecula, California.

“Oil belongs at $US30 to $US35 per barrel.”

SMH