22/11/2018 16:07
Oil falls on rising U.S. inventories, OPEC talk of cut limits loss
Oil prices fell on Thursday after U.S. crude inventories swelled to their highest level since December stoking concerns about a global glut but OPEC talk of an output reduction limited losses.
Benchmark Brent fell 67 cents to $62.82 a barrel by 0904 GMT, after dropping by as much as $1 earlier in the session. U.S. WTI fell more than a $1 before easing back to trade down 79 cents at $53.84.
U.S. commercial crude oil inventories climbed by 4.9 million barrels to 446.91 million barrels last week, the U.S. Energy Information Administration (EIA) said on Wednesday, its highest level since December.
U.S. crude oil production also stayed at a record 11.7 million barrels per day (bpd), the EIA said.