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Oil prices fell on Thursday, extending losses in the previous session on signs of increased supply and growing concerns that demand could dent prospects for a global economic slowdown
, Reuters Beijing reported.
January Brent crude futures fell 37 cents, or 0.
49 percent, to $74.
67 a barrel
.
West Texas Central crude futures fell 29 cents to $65.
02 a barrel
.
Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with the Brent index down 8.
8 percent this month and the West Texas Intermediate crude futures index down 10.
9 percent
.
Thursday's drop came after U.
S.
crude inventories climbed for the sixth straight week last week according to
U.
S.
Department of Energy data.
ANZ research analysts said in a note: "Strong growth in oil inventories is likely to maintain downward pressure
on oil prices.
”
Meanwhile, a Reuters investigation found that OPEC pushed oil production to its highest level since 2016 in October, while high production from the United Arab Emirates and Libya offset the impact of
Iran's production cuts.
Oil prices fell on Thursday, extending losses in the previous session on signs of increased supply and growing concerns that demand could dent prospects for a global economic slowdown
, Reuters Beijing reported.
January Brent crude futures fell 37 cents, or 0.
49 percent, to $74.
67 a barrel
.
West Texas Central crude futures fell 29 cents to $65.
02 a barrel
.
Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with the Brent index down 8.
8 percent this month and the West Texas Intermediate crude futures index down 10.
9 percent
.
Thursday's drop came after U.
S.
crude inventories climbed for the sixth straight week last week according to
U.
S.
Department of Energy data.
ANZ research analysts said in a note: "Strong growth in oil inventories is likely to maintain downward pressure
on oil prices.
”
Meanwhile, a Reuters investigation found that OPEC pushed oil production to its highest level since 2016 in October, while high production from the United Arab Emirates and Libya offset the impact of
Iran's production cuts.
