Oil prices have slipped for a second day after official data revealed an increase in US crude and gasoline stockpiles.
Brent crude futures declined 18 cents at $63.88 a barrel, while US West Texas Intermediate (WTI) crude fell 24 cents to $57.87 a barrel, reported Reuters.
Data released by the Energy Information Administration (EIA) highlighted a 1.6 million barrels (mbpd) rise in US crude inventories last week due to a record 12.9mbpd rise in production. EIA further reported that refinery runs slowed and gasoline inventories witnessed 5.1 million barrel increase.
OANDA senior market analyst Jeffrey Halley said: “Stubbornly high US crude inventories have seen oil prices ease in Asia today.
“Dips in the spot market are likely to be limited for now as the US Thanksgiving holiday mutes activity.”
This week, oil prices increased due to expectations that the world’s two biggest nations, China and the US, are soon to sign an interim deal, as part of their attempts to end the 16-month old trade dispute.
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