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Oil prices edge down, pressured by US supply


US crude inventories dropped by 1.1 million barrels last week
Oil prices inched lower on Thursday after solid gains the day before, pressured by data showing a smaller-than-expected decline in United States (US) crude stockpiles.

Front-month Brent crude futures, the international benchmark for oil prices, were down 0.4 per cent at $63.60 per barrel by 0112 GMT. Brent closed up 2.3 per cent on Wednesday

US West Texas Intermediate (WTI) crude futures were down 0.3 per cent at $57.18 per barrel. WTI closed up 1.9 per cent on Wednesday.

US crude inventories dropped by 1.1 million barrels last week, the Energy Information Administration (EIA) said on Wednesday. That compared with analyst expectations for a decrease of three million barrels.

“The US oil market remains oversupplied,” said Edward Moya, senior analyst, OANDA.

But crude prices were underpinned after the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020............BL