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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