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Oil dips on rising U.S. supply, but OPEC cuts and Venezuela sanctions support

Comments (0) Commodities News

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SINGAPORE – Oil prices slipped on Thursday after U.S. crude inventories rose and the country’s production held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets.

U.S. West Texas Intermediate (WTI) crude futures were at $53.82 per barrel at 0607 GMT, down 19 cents, or 0.4 percent, from their last settlement.

International Brent crude oil futures fell 25 cents, or 0.4 percent, to $62.44 per barrel.

U.S. 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.

Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018. The United States is currently the world’s largest oil producer, ahead of traditional top suppliers Russia and Saudi Arabia.

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