Rising oil production squeezes prices down

The US oil build is bad news for those hoping to see prices rise.

Photo: ritzau/Vahid Salemi/AP

Although OPEC countries have agreed to limit the production of oil, more oil was pumped from the underground in May, squeezing down the oil price while US production is simultaneously increasing, reports Reuters.

The OPEC countries have agreed to limit production by 1.8 million barrels per day until the end of the first quarter 2018 in an effort to boost prices.

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