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Oil prices continue to decline due to increase of US crude inventories

The Address | Benghazi – Libya

VIENNA – Oil prices fell on Thursday after US crude inventories rose to their highest levels since December 2017, fueling fears of a global supply crunch, but Opec’s talk of cut production curbed losses.

By 09:04 GMT, world benchmark Brent crude fell 67 cents to $ 62.82 a barrel, after falling a dollar earlier in the session.

WTI fell more than a dollar before cutting losses to 49 cents to $ 53.84 a barrel.

The US Energy Information Administration said on Wednesday that crude oil inventories in the United States rose 4.9 million barrels to 446.91 million barrels last week. This is the highest level of inventory since December last year.

US crude oil production remained at a record 11.7 million bpd, according to the Energy Information Administration.

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