US crude stocks and OPEC supply are at the center of concerns

Isaac Urrutia | Reuters

Oil pumps are seen in Maracaibo Lake, Lagunillas, Ciudad Ojeda, Zulia State, Venezuela.

Oil prices fell on Thursday, prolonging losses for a second consecutive session, after widely followed data showed a surprising increase in US inventories.

Brent International Crude Oil futures are trading at $ 67.63 per barrel at 0045 GMT, down 20 cents (0.3%) from their last close. Brent closed down 0.2% on Wednesday.

The WTI (West Texas Intermediate) futures price was $ 59.18 per barrel, down 23 cents or 0.4% from their latest settlement. WTI fell 0.9% on Wednesday.

Prices were influenced by rising US inventories, although badysts pointed to support from the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and unaffiliated allies like Russia, known as OPEC +, to reduce production.

"Today 's fall does not distort the short – term bullish argument that OPEC production cuts and supply disruptions will overtake it. on global growth concerns and rising US production, "said Edward Moya, senior market badyst at OANDA.

US inventories of crude increased by 2.8 million barrels last week, while badysts forecast a decrease of 1.2 million barrels, announced the US Energy Information Administration.

Crude exports fell by 506,000 barrels a day, EIA said.

Offering price support, oil production from Russia, OPEC's largest non-OPEC ally, averaged 11.3 million barrels a day in March, a source said. against 11.34 million barrels a day the previous month.