economy Oil prices slip after surprise build in U.S. inventories

[Anzo Lim 0]

Oil prices fell on Thursday, giving up some of the strong gains of the previous session, after an industry report showed U.S. crude stockpiles rose last week, against analyst expectations of a decline.

 

Brent crude was down 18 cents, or 0.3%, at $60.52 a barrel by 0040 GMT. On Wednesday, Brent rose 4.2 percent.

 

West Texas Intermediate (WTI) was down 23 cents, or 0.4%, at $56.03 a barrel, having risen 4.3% the previous session, the biggest percentage gain in nearly two months.

 

Still, supply looks set to stay constrained as Russian officials and sources from the Organization of the Petroleum Exporting Countries (OPEC) indicated the countries remain committed to an agreement to rein in production to support prices.

 

Source: Reuters

#Oilprice #USA #OPEC #WikiFX