Singapore — Oil prices fell more than 1% on Wednesday as a report showing a surge in US crude stocks, rising production in Nigeria and squabbling among producers about a planned output cut re-ignited concern about a global supply glut. Brent crude futures were down 61c, or 1.2%, at $50.18 a barrel as of 4.17am GMT. Prices hit $50.17 earlier in the session, the lowest in about three weeks. US crude was at $49.27 a barrel, down 69c, or 1.38%, from its settlement on Tuesday. "Crude is on the defensive this morning following American Petroleum Institute (API) inventory numbers showing a rise of 4.8-million barrels against an expected rise of 1.7-million," said Jeffrey Halley, senior market analyst at brokerage Oanda in Singapore. Official data by the Energy Information Administration (EIA) is due later on Wednesday. "EIA crude inventory figures will be closely watched tonight. A large jump in inventories will no doubt see crude pushed lower again," Halley said. The oil market is also ke...
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