|Published : 19 Apr 2017, 10:38:57|
Oil prices slip on oversupply concerns
Oil prices dipped on Wednesday as bloated US supplies weighed on markets while a fall in Saudi crude exports was offset by rising production in the country.
Brent crude futures LCOc1, the international benchmark for oil, were at $54.77 per barrel at 0354 GMT, down 12 cents from their last close, reports Reuters.
US West Texas Intermediate (WTI) crude futures CLc1 were down 9 cents at $52.32 a barrel.
Data from the American Petroleum Institute (API) on Tuesday showed that US markets remained bloated.
Although crude inventories fell by 840,000 barrels in the week to April 14 to 531.6 million barrels, still close to record highs, gasoline stocks rose by 1.4 million barrels as refinery crude oil runs increased by 334,000 bpd, the API said.
Official US oil data is expected to be published later on Wednesday by the Energy Information Administration (EIA).
Outside the United States, a fall in Saudi output as part of its planned production cuts for the first half of this year lent the market some support.
The OPEC with other producers like Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of the year to rein in a global fuel supply overhang and prop up prices.