Oil prices dip due to hike in US crude production

Oil prices dipped during Thursday’s trade due to hike in US crude inventories and production as well as stronger dollar.

Brent crude futures, the international benchmark for oil prices, were at USD 56.13 a barrel at 0134 GMT, down 16 cents, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures were at USD 50.68 per barrel, down 1% from the last settlement.
 
US commercial crude oil inventories rose for a third straight week, building by 4.6 million barrels in the week ending September 15, to 472.83 million barrels.
Meanwhile, US oil production has largely recovered from the shutdowns following Hurricane Harvey, currently standing at 9.51 million barrels per day (bpd), up from 8.78 million bpd directly after the storm hit the US Gulf Coast.




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