Crude oil fell for a third consecutive session on Thursday as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production.
Crude stockpiles in the United States, the world’s top oil consumer, rose by 1.5 million barrels last week, less than forecast, but touching a record at 520.2 million barrels after eight straight weekly builds.
U.S. West Texas Intermediate (WTI) futures slipped 10 cents, or 0.2 percent, to $53.73 a barrel by 0249 GMT. Benchmark Brent crude futures gave up 3 cents to $56.33.
Still, oil remained locked within a tight trading range as strict OPEC compliance with output cuts offset rising U.S. oil reserves.
“The market is largely a range-bound market, although positioning is quite skewed at present which could mean that when things do pop it could be a violent swing,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore. Read More…