WASHINGTON (dpa-AFX) - Oil prices fell on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles overshadowed OPEC-led efforts to cut output.
Global benchmark Brent crude dropped 0.6 percent to $65.47 per barrel while U.S. West Texas Intermediate (WTI) crude oil futures were down 1.2 percent at $55.88 per barrel.
Chevron Corp and Exxon Mobil Corp are planning to significantly ramp up production in the world's largest shale basin over the next five years, raising fresh concerns about an oversupplied market amid slowing global growth.
Elsewhere, Libya's National Oil Corp. has restarted limited production at its giant Sharara oil field, which has been closed since December.
An increase in U.S. crude inventories is also weighing on oil prices. Data from the American Petroleum Institute showed that U.S. crude inventories rose by 7.3 million barrels last week, compared with analysts' expectations for an increase of 1.2 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.1 million barrels.
Official data from the U.S. Department of Energy's Energy Information Administration is due later in the day.
Copyright RTT News/dpa-AFX
© 2019 AFX News
