Oil prices have dropped for the third consecutive day after data from American Petroleum Institute indicated increase in crude stocks last week.
Brent crude dropped 0.69 cents to touch $68.33 a barrel, which is almost a two-week low, while US West Texas Intermediate (WTI) futures fell 67 cents to reach $63.83 after dropping to its lowest level in over a week, reported Reuters.
Sun Global Investments chief executive Mihir Kapadia was quoted by the news agency as saying: “Increasing concerns over the rising US production continue to mount pressure on the commodity.
“Over the past couple of years, US producers have gained significant inroads in the global oil market industry.”
The report from the American Petroleum Institute, however, indicated an increase in crude stocks by 3.2 million barrels last week, impacting the global oil market.
US companies added 12 oil rigs last week, which is the highest weekly increase since March 2017.
US Energy Department data may indicate an increase in stocks for the first time in 11 weeks.