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Oil prices declined over one percent as a rebound in U.S. production countered ongoing declines in crude stockpiles.
If Friday's declines continue, this week we will observe its biggest weekly price declines since October.
Brent crude futures stood at $68.46, falling 85 cents or 1.2 percent, from their last settlement. U.S. WTI crude futures traded at $63.02 per barrel, down 93 cents or 1.5 percent from their last close. The U.S. benchmark recorded a December-214 high of $64.89 per barrel on Tuesday.
According to traders, the lower prices triggered by a rebounded in U.S. oil production following a recent decline, as well as by an expected decline in demand when winter ends in the northern hemisphere.
U.S. crude oil production stood at 9.75 per barrel on Jan 12, according to data from EIA. Production has declined to 9.49 million barrels at the beginning of the year, mostly because of a cold snap that halted some production.
Majority of analysts expect U.S. production to surpass 10 million bpd soon. They also noted the excessive long positions in financial oil markets as a likely brake on any upward trend in prices, with majority of traders soon likely to lock in profits from the recent price rally, which have seen crude surge by around 14 percent since December.
