Oil prices declined on Wednesday after official data showed that the U.S. oil production continued to increase.
U.S. crude production hit a record high of almost 10.4 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) Wednesday.
The EIA said it expects U.S. crude output in the fourth quarter of 2018 to reach an average of 11.17 million bpd, up from the previous forecast a month ago of 11.04 million bpd.
Meanwhile, U.S. crude oil inventories rose for a second straight week, adding 2.4 million barrels to 425.9 million last week, said the EIA.
The West Texas Intermediate for April delivery decreased 1.45 U.S. dollars to settle at 61.15 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 1.45 dollars to close at 64.34 dollars a barrel on the London ICE Futures Exchange.
U.S. crude production hit a record high of almost 10.4 million barrels per day (bpd) last week, according to the Energy Information Administration (EIA) Wednesday.
The EIA said it expects U.S. crude output in the fourth quarter of 2018 to reach an average of 11.17 million bpd, up from the previous forecast a month ago of 11.04 million bpd.
Meanwhile, U.S. crude oil inventories rose for a second straight week, adding 2.4 million barrels to 425.9 million last week, said the EIA.
The West Texas Intermediate for April delivery decreased 1.45 U.S. dollars to settle at 61.15 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 1.45 dollars to close at 64.34 dollars a barrel on the London ICE Futures Exchange.
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