Ripples Advisory, Oil prices fall on OPEC output increase, rising U.S. crude stocks

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SINGAPORE  - Oil prices fell by one percent early on Wednesday after data showed a build in U.S. crude stocks and OPEC reported a rise in its production despite its pledge to cut back.

Brent crude futures were at $48.25 per barrel at 0039 GMT, down 47 cents, or 1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $45.94 per barrel, down 52 cents, or 1.1 percent.

The price falls came on the back of an ongoing supply glut that has pulled down crude prices by more than 10 percent since late May despite a move led by the Petroleum Exporting Countries (OPEC) to cut production by almost 1.8 million barrels per day (bpd) until the end of the first quarter of 2018.