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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Forces in eastern Libya said that they had driven rival factions from El Feel oilfield which has a 70,000bpd capacity, after attacking the area with air strikes. This led to a halt in production at the field and raised concerns on supply.

Baker Hughes reported that shale companies in the US reduced the number of drilling rigs for a straight twelfth month. The companies cut three oil rigs this week reducing the total rig count to 668, Baker Hughes said in its report.