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Crude oil prices fall as major producers hint at output hike

An oil pump jack can be seen in Cisco, Texas, August 23, 2015.

Crude prices fell early on Thursday as concerns over a global glut took center stage after Russia and Iran said they were ready to raise oil production further, while inventories in the United States climbed slightly.

The International Energy Agency (IEA) said on Thursday that oil markets would likely take until 2017 to rebalance and that even that was provided there was no major economic slowdown.

International Brent crude futures were trading at $45.36 per barrel at 0048 GMT, down 44 cents from their last settlement.

U.S. West Texas Intermediate (WTI) crude futures were down 40 cents at $43.78 a barrel after the U.S. Energy Information Administration (EIA) said that crude stocks rose slightly, by 2.1 million barrels...


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