Oil prices tumble due to Opec stock rise

Take a look at the figures

Oil prices have fallen due to the fact that Opec stocks have risen.

An output jump from Saudi Arabia increased the pressure on prices.

Gains made since Opec announce cuts last year have now nearly all been erased.

Opec said in a report: “Despite the supply adjustment, stocks have continued to rise, not just in the US, but also in Europe,”

“Nevertheless, prices have undoubtedly been provided a floor by the production accords.”

Saudi Arabia’s production increased 10.011 million barrels per day in February, this can be compared to the 9.748 million barrels per day it was producing in January.

Saudi Arabia’s energy minister said it “is committed and determined to stabilise the global oil market by working closely with all other participating Opec and non-Opec producers”

Oil prices fell after an Opec report was released, the firm will trade close to $50 (£41) a barrel. This is the lowest the figure has been since November.