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The US Energy Information Administration has announced that US crude inventories rose 5.8 million barrels last week, more than twice the analysts' expectations.
Crude production reached 11.6 million barrels per day, a weekly record, but weekly data could be volatile. The August data, the latest monthly data, showed total production exceeding 11.3 million bpd.
US crude futures dropped 54 cents to $ 61.67 a barrel, about 20% lower than the peak of $ 76.41 reached in early October.
Brent fell six cents to $ 72.07 a barrel after posting a disappointing record after the publication of post-energy data, supported by earlier reports that Russia and Saudi Arabia are considering reduce their production of crude next year.
While Iranian oil exports are expected to fall after US recovery of sanctions entered into force on Monday, OPEC and others said the global oil market could post a surplus in 2019 if demand slowed down.
Washington has also granted eight Iran importing countries exempted imports from the sanctions imposed on Tehran.
Russia and Saudi Arabia have started bilateral talks on a return to production cuts next year, said the Russian news agency Tass citing anonymous sources. In June, OPEC decided to ease the production restrictions applied since 2017, under pressure from US President Donald Trump.
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The US Energy Information Administration has announced that US crude inventories rose 5.8 million barrels last week, more than twice the analysts' expectations.
Crude production reached 11.6 million barrels per day, a weekly record, but weekly data could be volatile. The August data, the latest monthly data, showed total production exceeding 11.3 million bpd.
US crude futures dropped 54 cents to $ 61.67 a barrel, about 20% lower than the peak of $ 76.41 reached in early October.
Brent fell six cents to $ 72.07 a barrel after posting a disappointing record after the publication of post-energy data, supported by earlier reports that Russia and Saudi Arabia are considering reduce their production of crude next year.
While Iranian oil exports are expected to fall after US recovery of sanctions entered into force on Monday, OPEC and others said the global oil market could post a surplus in 2019 if demand slowed down.
Washington has also granted eight Iran importing countries exempted imports from the sanctions imposed on Tehran.
Russia and Saudi Arabia have started bilateral talks on a return to production cuts next year, said the Russian news agency Tass citing anonymous sources. In June, OPEC decided to ease the production restrictions applied since 2017, under pressure from US President Donald Trump.
