2018.07.1906:29:00UTC+00Oil Prices Slide On Record US Output

Oil prices fell on Thursday after official weekly storage report showed an unexpected rise in U.S. crude stockpiles, with output hitting a record high.

Brent crude futures were down nearly 1 percent at $72.18 per dollar after climbing 1 percent on Wednesday. West Texas Intermediate crude futures were down 1.3 percent at $66.89 per barrel.

While U.S. crude oil production reached 11 million barrels per day (bpd) for the first time, crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels, the report from the U.S. Energy Information Administration showed.

Meanwhile, U.S. gasoline inventories and distillate stockpiles dropped by 3.2 million barrels and 371,000 barrels last week, the EIA reported.