Oil dips on rising U.S. supply, but OPEC cuts and Venezuela sanctions support
Thursday, 7 February 2019 13:40 WIB | ENERGY |Minyak WTIMinyak jenis Brent

Oil prices slipped on Thursday after U.S. crude inventories rose and the country's production held at record levels, but OPEC-led supply cuts and Washington's sanctions against Venezuela supported markets.

U.S. West Texas Intermediate (WTI) crude futures were at $53.82 per barrel at 0607 GMT, down 19 cents, or 0.4 percent, from their last settlement.

International Brent crude oil futures fell 25 cents, or 0.4 percent, to $62.44 per barrel.

U.S. crude oil inventories climbed by 1.3 million barrels in the week that ended Feb. 1 to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.

Source: Reuters

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