Oil prices falls as US maintains record output, inventories climb
Updated : February 07, 2019 09:18 AM IST
US West Texas Intermediate (WTI) crude futures were at $53.84 per barrel at 0247 GMT, down 17 cents, or 0.3 percent, from their last settlement. International Brent crude oil futures were down by 26 cents, or 0.4 percent, at $62.43 per barrel.
US crude oil inventories climbed by 1.3 million barrels in the week that ended Feb. 1 to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.
Countering the rising US crude output and inventories are voluntary supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at tightening the market and propping up prices.
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