SINGAPORE (Reuters) – Oil prices fell on Thursday after U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production.
International benchmark Brent futures were at $71.57 per barrel at 0056 GMT, down 16 cents, or 0.2 percent, from their last close.
US - West - Texas - Intermediate - WTI
U.S. West Texas Intermediate (WTI) crude oil futures were at $64.36 per barrel, down 25 cents, or 0.4 percent, from their previous settlement.
U.S. crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017, the Energy Information Administration said on Wednesday.
Growth - US - Supply - Oil - Markets
Despite this growth in U.S. supply, global oil markets remain tight amid supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), U.S. sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya.
As a result, Brent and WTI have risen by around 30 and 40 percent respectively since the start of the year.
Venezuela - Oil - Output
Venezuela’s oil output sank to...
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