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Oil dips on rising U.S. crude inventories, plentiful global supplies
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Oil prices dipped on Thursday on the back of rising U.S. crude inventories and plentiful supplies, despite emerging output cuts from OPEC and other producers.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $52.18 a barrel at 0141 GMT, down 7 cents from their last settlement. Prices for Brent crude futures, the international benchmark for oil prices, were at $55.06 a barrel, down 4 cents.
Traders said that a crude oil inventory report published by the U.S. Energy Information Administration late on Wednesday implied ongoing oversupply as inventories unexpectedly rose by 4.1 million barrels to 483.11 million barrel.
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