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Oil dips as U.S. crude stockpiles swell; possible OPEC cuts prevent bigger slide by www.expertcommodity.com
© Reuters. A maze of crude oil pipe and equipment is seen with the American and Texas flags flying during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport
Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.
U.S. West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel, 16 cents, or 0.3 percent below their last settlement.
Front-month Brent crude oil futures were at $63.34 per barrel, down 14 cents, or 0.2 percent.
U.S. commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year.
U.S. crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said.
"U.S. inventory data...continued to show significant supply builds, which comes on the back of sustained record U.S. crude oil production," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

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