Oil Prices Slip Amidst U.S. Stock Build
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Oil prices edged down on Thursday morning in Asia, as U.S. crude inventories surged for the sixth straight week. OPEC also boosted oil production in October to its highest level since 2016.
Crude Oil WTI Futures for December delivery fell 0.31% to $65.12 per barrel at 10:45PM ET (02:45 GMT) on the New York Mercantile Exchange, while London’s Intercontinental Exchange showed that Brent Oil Futures for January 2019 delivery also dropped 0.29% to $74.82 a barrel.
The two oils had the worst monthly performance since July 2016 in the previous session, with Brent falling by 8.8% and Crude tumbling 10.9%.
U.S. Energy Information Administration data showed that crude stocks rose for the sixth straight week, reaching 1.08 million barrels per day (bpd) in the week to Oct. 26. (Source) U.S. crude production stood at 11.3 million barrels per day in August, up 3.8% compared to July, and had surged 22.7% from August last year.
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