Oil prices fall under the signs of an increase in supplies, reducing confidence in the global economy

BEIJING (Reuters) – Oil prices fell early on Thursday, prolonging their losses in previous sessions, facing signs of rising supply and growing worries that demand could come true. weaken in the prospect of a global economic downturn.

The January LCOc1 futures contract on Brent lost 44 cents, or 0.32%, to $ 74.72 per barrel by 00:05 GMT. CLc1 futures for West Texas Intermediate (WTI) crude fell 46 cents to $ 65.01 per barrel.

Both indices posted their worst monthly performance since July 2016 on Wednesday, with Brent falling 8.8% for the month and WTI 10.9%.

Thursday's drop came after data from the US Energy Information Administration showed that crude oil inventories rose for a sixth straight week.

"The solid oil stocks built are likely to keep downward pressure on oil prices," analysts at ANZ Research said.

At the same time, a Reuters survey found that the Organization of the Petroleum Exporting Countries (OPEC) pushed oil production in October to its highest level since 2016; set to begin Nov. 4.

US President Donald Trump said Wednesday in a presidential memorandum that he had determined that there was enough oil and petroleum products from countries other than Iran to allow a reduction in purchases of this country.

Bruce Xue, an analyst at Huatai's Great Wall Capital Management, is also weighing prices, raising growing concerns about the prospect of a global slowdown amid the ongoing trade war between the United States and China.

"Oil investors are now banking on the global downturn potential," Xue said.

China released disappointing PMI data as its manufacturing sector expanded in October at its weakest pace in more than two years.