On Thursday, crude slid for a third consecutive session, as a record build-up in American stockpiles applied pressure on the market, with producers spurring shale crude output.
In America, the world’s number one crude consumer, oil stockpiles inched up by 1.5 million barrels the previous week, which is less than forecast, but hitting a record at 520.2 million barrels after eight straight weekly builds.
American West Texas Intermediate futures tumbled 0.2%, being worth $53.73 a barrel. Additionally, Benchmark Brent crude futures rose 3 cents, hitting $56.33.
Still, crude remained locked within a tight trading range because strict OPEC compliance with output reductions compensated ascending American crude reserves.
The Organization of the Petroleum Exporting Countries minimized its crude output for a second month in February, as a Reuters poll disclosed, showing the exporter group has driven already strong compliance to approximately 94%.
