The decline in oil prices due to the US supply glut
Oil prices fell on Thursday as the most prominent US crude inventories rising to a record level of continuing oversupply markets, but traders said there were signs of convergence of supply and demand gradually in other regions.
At 0530 GMT, futures for Brent crude posted to $ 54.09 a barrel, down 27 cents, equivalent to 0.5 percent compared with the previous close.
It fell US light crude WTI 26 cents, or 0.5 percent, to $ 50.89 a barrel.
Traders attributed the declines to the increase in US crude production, which lifted stocks to record levels.