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Oil prices continued on their downward trajectory as industry data revealed a rise in U.S. crude stockpiles and record production in the rest of the world which raised skepticism on OPEC's ability to reduce supply and tighten the market.
U.S. WTI crude oil futures traded down 13 cents or 0.3 percent at $49.43 per barrel, after advancing 0.7 percent in the prior session. The U.S. benchmark has declined for seven out of the last eight sessions.
According to traders, the API report which showed a build in U.S. crude inventories by 897, 000 barrels in the latest week to 532.5 million barrels affected the prices of WTI. Aside from the crude build, the API also reported a massive 4.4 million barrel build in gasoline supplies.
Brent crude futures also shed 12 cents or 0.2 percent to trade at $51.98 per barrel. The international benchmark has fallen by 8.5 percent from its April high.
An initiative led by OPEC and joined by other exporters to reduce output during the first half of the year in order to curb the persistent oversupply in the market has helped prop up prices last year. However, price increase has slumped this year as U.S. inventories continue to be at elevated levels and as global fuel supplies hit new records, undermining the pledged supply cuts.
