24.02.201708:17:00UTC+00Crude Oil Eases Near $54 On US Glut

Crude oil prices turned lower Friday, easing from yearly highs due to a stubborn U.S. supply glut.

Although OPEC's output reduction has given oil a lift this month, rising U.S. production has kept prices below $55 barrel.

Yesterday, the EIA said U.S. oil inventories rose 600,000 barrels for the week of Feb 17. While the build was smaller than forecast, stockpiles at key storage facilities are at record highs.

WTI light sweet crude oil was down 44 cents at $54.01 a barrel.

Markets may be in for a lull until President Donald Trump's highly anticipated address to Congress on Feb. 28.