SINGAPORE (APP)- Oil prices were mixed in Asia Thursday, with WTI stuck below $50 a barrel after a rise in US stockpiles added to concerns over a supply glut, analysts said.
The US Department of Energy on Wednesday said the country’s commercial crude stockpiles rose 2.5 million barrels last week, while supplies at the closely watched Cushing, Oklahoma, hub were up 800,000 barrels.
The report also showed US production staying at near-record levels of about 9.6 million barrels per day, bad news for a market already awash with crude from the Organization of the Petroleum Exporting Countries (OPEC).
In afternoon Asian trade, US benchmark West Texas Intermediate (WTI) for delivery in September was up seven cents at $49.26 after closing Wednesday below $50 a barrel for the first time since April.
Brent crude for September fell eight cents to $56.05. “US inventories expanded more than expected, which exacerbated the oversupply problem, especially when Saudi is pumping at record production levels,” said Bernard Aw, market strategist at IG Markets Singapore.
“OPEC produced 32.1 million barrels per day in June, with the largest increase coming from Iraq and Saudi Arabia. This was 2.1 million more than what the organisation said it will maintain,” Aw said in a market commentary.
