Brent falls below $69 on higher U.S. oil inventories, output GlobeBusiness
Oil prices fell for a second day on Thursday, with Brent briefly edging below $69 per barrel because of rising inventories and production in the United States, but losses were limited as supply tightened elsewhere.
U.S. West Texas Intermediate crude fell 18 cents to $62.28 a barrel. The contract dropped 12 cents in the previous session after hitting $62.99, also the highest since November.Crude oil inventories in the United States rose by 7.2 million barrels last week. Analysts had forecast a decrease. U.S. crude production climbed by 100,000 barrels per day to a record 12.2 million bpd, government data showed.
“There is a clear bias to the upside with the supply restrictions,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. The Caixin/Markit services purchasing managers’ index rose to 54.4, the highest since January 2018 and up from February’s 51.1, a fourth-month low, a private business survey of China’s service sector showed on Wednesday.
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