Oil prices dip as U.S. crude stocks swell amid record production
Thursday, 7 March 2019 08:27 WIB |
ENERGY |Minyak WTICadangan Minyak Mentah ASMinyak Brent
Oil prices eased on Thursday, dragged down by record U.S. crude output and rising commercial fuel inventories.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.11 per barrel at 0033 GMT, down 11 cents, or 0.2 percent, from their last settlement.
Brent crude futures had yet to trade.
U.S. crude oil stockpiles rose much more than expected last week, with inventories up by 7.1 million barrels to 452.93 million barrels, according to a weekly report by the U.S. Energy Information Administration (EIA) on Wednesday.
U.S. crude oil production remained at a record 12.1 million barrels per day (bpd), an increase of more than 2 million bpd since early 2018.
Surging U.S. production is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) this year to withhold around 1.2 million bpd of supply to tighten markets and prop up prices.
Source : Reuters