Tokyo — US oil prices fell on Friday after government data released late in the previous session showed stockpiles rose last week for a seventh consecutive week, although losses were muted as inventory growth was well below expectations. US West Texas Intermediate (WTI) fell 12c, or 0.2%, to $54.33 a barrel by 3.23am GMT, having closed up 1.6% in the previous session. It was on track for a weekly gain of about 1.8%, which would be its strongest so far this year. Brent crude was trading down 12c, or 0.2%, at $56.46. The contract rose 1.3c in the previous session to settle at $56.58, and was on track for a weekly gain of about 1.1%. US crude inventories rose by 564,000 barrels in the week to February 17, up for a seventh week, although below analysts’ expectations for an increase of 3.5-million barrels, the Energy Information Administration (EIA) said. Oil cartel Opec and producers including Russia have pledged to cut production by about 1.8-million barrels a day to tackle a global gl...
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