Singapore — Oil prices eased on Thursday, dragged down by rising output and a decline in China’s refining activity, although strong fuel consumption in the US and a drop in its crude inventories provided the market with some support. Brent crude futures were at $76.55 a barrel at 4.45am GMT, down 19c, or 0.25%, from their last close. US West Texas Intermediate (WTI) crude futures were at $66.62 a barrel, down 2c from their last settlement. China on Thursday reported a drop in its refinery activity, from 12.06-million barrels a day in April to 11.93-million barrels a day in May, although year-on-year runs were still up by 8.2%. Also weighing on prices was another rise in US oil production, which hit a weekly record of 10.9-million barrels a day last week, according to the Energy Information Administration (EIA) on Wednesday. US crude output has risen by almost 30% in the past two years, and it is now close to top global producer Russia, which produced 11.1-million barrels a day overa...
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