Oil prices fell on Thursday as U.S. crude futures were pressured by a build in domestic inventories and record production, while forecasts from the Organization of the Petroleum Exporting Countries for a lower-than-expected oil surplus supported Brent.
Brent futures fell 7 cents to settle at $62.30 per barrel, while West Texas Intermediate crude futures fell 35 cents, or 0.6%, to settle at $56.77.
U.S. crude stockpiles grew last week by 2.2 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.649 million-barrel rise, as production hit a record high, the Energy Information Administration said.
Crude production rose by 200,000 barrels per day (bpd) to a weekly record of 12.8 million bpd, the EIA said in its weekly report delayed a day by Monday’s U.S. Veterans Day holiday.
Source : Reuters