Oil prices fell on Thursday pressured as U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production and as economic concerns cast doubt over growth in demand for fuel.International benchmark, Brent, futures were at 71.44 dollars per barrel at 0424 GMT, down 29 cents or 0.4 per cent from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at 64.28 dollars per barrel, down 33 cents or 0.5 per cent from their previous settlement. U.S. crude inventories rose seven million barrels to 456.6 million barrels in the last week, their highest since November 2017, the Energy Information Administration said on Wednesday. U.S. crude oil production remained at a record 12.2 million barrels per day (bpd), making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia. There are also concerns that an economic slowdown will soon dent fuel consumption after the International Monetary Fund this week downgraded its global growth forecast to the lowest in a decade. Despite the surge in U.S. supply and the economic concerns, global oil markets remain tight amid supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC), U.S. sanctions on… Read full this story
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