WASHINGTON (dpa-AFX) - Crude oil futures fell to their lowest level in about a month on Thursday weighed down by data showing record U.S. crude production and inventories.
The jump in U.S. crude production has helped offset concerns about any shortage in supply due to the expiration of U.S. waivers on Iranian oil sanctions.
West Texas Intermediate Crude oil futures for June ended down $1.79, or 2.8%, at $61.81 a barrel, the lowest settlement since April 1. Futures fell to a low of 60.95 earlier in the session, losing about 4%.
Brent Crude oil futures, which declined to $69.68 a barrel, recovered a bit to $70.75, but was still down by about 2% from previous close.
On Wednesday, WTI crude oil futures for June settled at $63.60 a barrel, losing $0.31 for the session.
The U.S. Energy Information Administration's report on Wednesday showed a substantial build in crude oil inventories, at 9.9 million barrels for the last week of April.
The report said, U.S. crude inventories stood at 471 million barrels as of last week, the most in nineteen months. Domestic oil production rose last week to a record 12.3 million barrels a day.
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