Oil prices fell on Thursday after U.S. crude stocks hit an all-time high and official data showed Russian oil production unchanged in February, with no further cuts to tighten the market and drain global oversupply. Benchmark Brent crude oil was down 50 cents a barrel at $55.86 by 1125 GMT. U.S. light crude was 50 cents lower at $53.33. Crude inventories in the United States, the world's biggest oil consumer, rose by 1.5 million barrels last week to a record 520.2 million barrels, official figures showed. click Read More below for more of the story
U.S. crude inventories rose last week by 2.8 million barrels, compared with analysts’ expectations for a decrease of 1.2 million barrels, the U.S. Energy Information Administration said.
Demand concerns on the back of economic jitters linked to the U.S.-Chinese trade war have also capped prices.
more detail at source: https://www.reuters.com/article/us-global-oil-idUSKCN1R903M