The declining trend of oil prices has eased on account of Chinese data that pointed to a fall in domestic oil production and potential for greater imports.

US West Texas Intermediate (WTI) crude futures rose marginally by six cents, or 0.1%, at $60.77 a barrel, according to Reuters.

Meanwhile, Brent crude futures remained largely unchanged, declining just two cents to trade at $64.62 per barrel.

For the period between January and February, Chinese oil production decreased 1.9% to around 3.77 million barrels per day.

The data also revealed that the country’s crude throughput climbed 7.3% to 93.4 million tonnes, which indicates a need for more imports.

Since the beginning of this week, Brent and WTI have dipped around 1.5% and 2.4%, respectively.

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By GlobalData
“The US is now only second to Russia in terms of production, which increased to 10.37 million barrels per day.”

The fall was triggered by concerns over soaring US output and rising stockpiles.

The US is now only second to Russia in terms of production, which increased to 10.37 million barrels per day.

Based on the International Energy Agency (IEA) estimates, US output is set to cross 11 million barrels per day by the end of this year.

Data from the American Petroleum Institute indicated that US crude inventories witnessed an upward growth of 1.2 million barrels in the week up to 9 March to reach 428 million barrels.

According to the news agency, Goldman Sachs stated that there is a ‘potentially large increase in (US) drilling activity in the coming weeks’.

There are signs of an excess global supplies in the market, as can be seen from estimates released by the Energy Information Administration (EIA) indicated that supplies will breach the 100 million barrels per day mark for the first time in the second quarter of this year.