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MTECHTIPS:-Oil prices dip on surging US crude stockpiles

Thursday, April 11, 2019 3:26

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MTECHTIPS:-Oil prices dip on surging US crude stockpiles

MTECHTIPS-Oil prices fell on Thursday after U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production. International benchmark Brent futures were at $71.57 per barrel at 0056 GMT, down 16 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $64.36 per barrel, down 25 cents, or 0.4 percent, from their previous settlement. U.S. crude inventories rose 7 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. (GRAPHIC: U.S. oil production, storage & drilling levels,Despite this growth in U.S. supply, global oil markets remain tight amid supply cuts led by the Organization of the Petroleum Exporting

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