Oil price dips below $46 as Opec production climbs
Opec said output climbed the most in six months in May because of renewed pumping in Libya and Nigeria, members exempt from the group’s accord to lower production.
Oil has traded below $50 a barrel amid concerns that growing US supplies are overwhelming production cuts by the Opec members and allies. The US oil rig count is at the highest level since April 2015, and the Energy Information Administration sees output from major shale plays expanding to a record 5.48m barrels a day in July.
