Oil slips as U.S. inventories swell, but OPEC may cut supply to avoid glut

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By Henning Gloystein

SINGAPORE (Reuters) – Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.

U.S. West Texas Intermediate (WTI) crude futures, were at $54.35 per barrel at 0534 GMT, 28 cents, or 0.5 percent below their last settlement.

Front-month Brent crude oil futures were at $63.25 per barrel, down 23 cents, or 0.4 percent.

U.S. commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year.

U.S. crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said.

Read more at : https://www.investing.com/news/commodities-news/oil-prices-pressured-by-rising-us-crude-stocks-but-expected-opec-supply-cut-supports-1697446

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