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Brent drops more than $ 70 due to rising US inventories
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Oil prices fell on Thursday for a second session as Brent crude fell more than $ 70 after data in the United States showed a surprise rise in crude stocks and production at a record high.
By 0360 GMT, Brent crude futures were down three cents to $ 69.28 a barrel. Brent fell six cents on Wednesday after touching $ 69.96, its highest since November 12 when crude traded above $ 70.
US WTI fell 8 cents, or 0.1 percent, to $ 62.38 a barrel. Crude fell 12 cents in the previous session after briefly hitting $ 62.99, also the highest since November.
Brent crude has risen almost 30 percent since the beginning of this year, while WTI has risen nearly 40 percent. Prices have been supported by a lack of global supplies and high demand indicators.
Oil prices benefit from an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, in the group known as OPEC +, to reduce oil production by 1.2 million bpd this year.
The US Energy Information Administration said on Wednesday that crude oil inventories in the United States rose 7.2 million barrels last week with the rise of net imports. Analysts had expected inventories to fall by 425,000 barrels.
US oil production increased by 100,000 barrels per day to a record 12.2 million barrels per day after hovering around 12.1 million bpd since February, according to data from the Energy Information Administration.
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