Oil falls on rising US inventories as Opec talks of supply cuts
Donald Trump is putting pressure on Saudi Arabia to keep prices down even as US crude oil production stays at a record 11.7-million bpd
London — Oil prices fell on Thursday after US crude inventories swelled to their highest level since December stoking concerns about a global glut, but oil cartel Opec talk of an output reduction limited losses. Benchmark Brent fell 67c to $62.82 a barrel by 9.04am GMT, after dropping by as much as $1 earlier in the session. US West Texas Intermediate (WTI) fell more than a $1 before easing back to trade down 79c at $53.84. US commercial crude oil inventories climbed by 4.9-million barrels to 446.91-million barrels last week, the US Energy Information Administration (EIA) said on Wednesday, its highest level since December. US crude oil production also stayed at a record 11.7-million barrels per day (bpd), the EIA said. Tamas Varga, analyst at PVM brokerage, said the market trend was “still bearish”. “The question is what Opec will do in December: will they cut, and if so, by how much?” he said. Opec is worried about the emergence of a glut that could pull prices down further, but O...
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