2018-11-22
Oil prices fell on Thursday after US crude inventories rose to their highest level since December 2017, amid fears of a global supply crunch, but the prospect of a cut in OPEC supplies has prevented further declines.
 
By 0534 GMT, the WTI crude futures contract was $ 54.35 a barrel, down 28 cents, or 0.5 percent, from the previous settlement.
 
Brent crude fell 23 cents, or 0.4 percent, to $ 63.25 a barrel in a month.
 
The US Energy Information Administration said in a weekly report on Wednesday that crude oil inventories in the United States rose 4.9 million barrels to 446.91 million barrels last week. This is the highest level of inventory since December last year.
 
US crude oil production remained at a record 11.7 million bpd, according to the Energy Information Administration.
 
The Organization of the Petroleum Exporting Countries (OPEC) is concerned about the emergence of an oversupply that could push prices further down.
 
To counter this, the Organization is considering supply cuts at its next meeting on December 6, although some member states such as Iran are expected to oppose any voluntary cuts.