The Address | Benghazi – Libya
LONDON – Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in inventories.
Brent crude oil futures were at $71.47 per barrel at 1037 GMT, 71 cents below their last close. Brent is set for a weekly loss, which would break its longest string of weekly gains for a year.
U.S. West Texas Intermediate crude futures were down 76 cents at $62.84 per barrel.
U.S. crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 million barrels as production hit a record high of 12.3 million barrels per day (bpd), government data showed. [EIA/S]