Singapore — Crude oil futures slid for a second session on Thursday, moving away from a one-month high touched briefly in the last session as rising US production stoked concern about global oversupply. Benchmark Brent crude futures slid 4c, or 0.1%, to $55.82 a barrel by 2.31am. The market had climbed to a one-month high of $56.65 on Wednesday before losing ground. US West Texas Intermediate crude futures were down 5c, or 0.1%, at $53.06 a barrel. They touched their highest since March 7 at $53.76 barrel in the course of the previous session. Traders focused on preliminary US production estimates in the weekly Energy Information Administration (EIA) report that suggested domestic output is still climbing. The report also showed stockpiles at the US crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week. Still, data showed an unexpected drop in overall US crude inventories, which fell in the week by 2.2-million barrels as imports declined by 717,000 barrels a day. "We saw ...
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