The price of Brent crude oil dropped today as a result of weakened factory production from Japan for the second straight month.

Reuters reported that Brent crude futures fell 41 cents to $65.43 a barrel, and US WTI crude was down 13 cents at $58.45 a barrel.

Japan is struggling to regain its strength in the middle of slowing global growth as the country’s industrial output dropped 0.3% in March due to an export-driven economy.

"WTI prices outperformed Brent as crude oil stocks at key US storage hub Cushing fell for the first time in five months."

Prices hit five-month highs in the earlier session, following the first crude stock draw at the US Cushing hub for nearly half a year.

ANZ bank said: "Brent and WTI prices closed at the highest level in nearly five months as US crude oil inventories rose by just 1.9 million barrels (compared to more than 5.5 million barrels the previous week).

"WTI prices outperformed Brent as crude oil stocks at key US storage hub Cushing fell for the first time in five months."

US oil inventories, which have been increasing steadily for months, have started to level off in recent weeks due to an ease in domestic output and an increase in refinery demand.