2019.02.2115:27:00UTC+00Oil Futures Settle Modestly Lower

Crude oil prices edged lower on Thursday, with concerns over excess supply in the market weighing on the commodity. However, the loss was just modest as OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran offered some support and limited oil's fall.

According to the report released by the U.S. Energy Information Administration this morning, crude oil inventories rose 3.7 million barrels in the week ended February 15th, rising for a fifth successive week. The increase was more than what analysts had forecast.

The report from EIA said total crude output in the U.S. was up by about 100,000 barrels to a record 12 million barrels per day in the week ended February 15th.

However, gasoline and distillate stockpiles dropped down last week, both falling by 1.5 million barrels, EIA said.

Earlier, on Wednesday, the American Petroleum Institute said in its report that crude stockpiles increased by 1.3 million barrels to 448.5 million barrels last week.

West Texas Intermediate Crude oil futures for April ended down $0.20, or 0.4%, at $56.96 a barrel.

In December 2018, OPEC and some non-OPEC members, including Russia, agreed to cut output by 1.2 million barrels per day from this January.

Recently Saudi Arabia said it would cut output by by a higher volume than it had committed earlier. On Wednesday, Nigeria said it would limit output in order to attract higher prices in the global market.