Oil prices dip on swelling US supply; OPEC output cuts loom
Updated : November 30, 2018 07:59 AM IST
US West Texas Intermediate (WTI) crude futures were at $51.30 per barrel at 0023 GMT, down 15 cents, or 0.3 percent from their last settlement.
Crude reserves increased 6.4 billion barrels, or 19.5 percent, to 39.2 billion barrels at year-end 2017, marginally higher than the previous record of 39 billion barrels set in 1970, the EIA said.
The supply overhang has triggered a price slump of more than 30 percent in crude since early October.