Oil dips on lower China refining activity, fresh U.S. crude output record
Thursday, 14 June 2018 13:45 WIB |
Oil prices eased on Thursday, dragged down by rising output and a decline in China's refining activity, although strong fuel consumption in the United States and a drop in its crude inventories provided some support.
Brent crude futures were at $76.45 per barrel by 0610 GMT, down 29 cents, or 0.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $66.57 a barrel, down 7 cents from their last settlement.
China on Thursday reported a drop in refinery activity, from 12.06 million barrels per day (bpd) in April to 11.93 million bpd in May, although year-on-year runs were still up by 8.2 percent.
The fall came as China™s industrial output, investment and retail sales all grew less than expected in May, data showed.
Also weighing on prices was another rise in U.S. oil production, which hit a weekly record of 10.9 million bpd last week, according to the Energy Information Administration (EIA) on Wednesday.
U.S. crude output has risen almost 30 percent in the last two years, and is now close to top global producer Russia, which churned out 11.1 million bpd in the first two weeks of June.
U.S. output is now above that of top exporter Saudi Arabia, which produced slightly above 10 million bpd.