Singapore — Oil prices fell on Thursday after US crude inventories rose and as production levels in the country held at record levels, but Opec-led supply cuts and Washington’s sanctions against Venezuela supported markets. US West Texas Intermediate (WTI) crude futures were at $53.84 a barrel at 2.47am GMT, down 17c, or 0.3%, from their last settlement. International Brent crude oil futures were down by 26c, or 0.4%, at $62.43 a barrel. US crude oil inventories climbed by 1.3-million barrels in the week that ended February 1 to 447.21-million barrels, data from the Energy Information Administration (EIA) showed on Wednesday. Meanwhile, average weekly US crude oil production remained at the record 11.9-million barrels a day it reached in late 2018. The US is currently the world’s largest oil producer, ahead of traditional top suppliers Russia and Saudi Arabia. Countering the rising US crude output and inventories are voluntary supply cuts led by producer cartel Opec aimed at tighten...
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