Tokyo/London — Oil prices fell for a second day on Thursday, with Brent briefly edging below $69 a barrel because of rising inventories and production in the US, but losses were limited as supply tightened elsewhere. Brent futures were down 28c at $69.03 by 9.54am GMT. Brent fell 6c on Wednesday, after touching $69.96 — the highest since November 12, when it last traded above $70. US West Texas Intermediate (WTI) crude fell 18c to $62.28 a barrel. The contract dropped 12c in the previous session after hitting $62.99, also the highest since November. Crude oil inventories in the US rose by 7.2-million barrels last week. Analysts had forecast a decrease. US crude production climbed by 100,000 barrels per day (bpd) to a record 12.2-million bpd, government data showed. Global benchmark Brent has gained nearly 30% this year, while WTI has risen nearly 40%. Prices have been underpinned by US sanctions on Iranian and Venezuelan crude, oil cartel Opec production cuts and rising global deman...
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