Oil prices fall on bloated U.S. crude storage
U.S. crude inventories rise to 533.6 million barrels - API
U.S. oil output up 8 pct since mid-2016 to over 9.1 million bpd
Rising U.S. production undermines OPEC's effort to cut output
Goldman Sachs (NYSE:GS) warns of renewed oil oversupply from 2018
Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output.
Prices for front-month Brent crude futures LCOc1 , the international benchmark for oil, were at $50.92 per barrel at 0051 GMT, down 4 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 8 cents at $48.16 a barrel.
"Crude oil prices fell as concerns over rising U.S. inventories resurfaced... Rising exports in Libya also weighed on prices," ANZ bank said on Wednesday.
U.S. crude oil inventories rose by 4.5 million barrels in the week to March 17 to 533.6 million, the American Petroleum Institute (API) said late on Tuesday. bloated storage comes as U.S. oil production C-OUT-T-EIA has risen over 8 percent since mid-2016 to more than 9.1 million barrels per day (bpd) to levels comparable in late 2014, when the oil market slump started.
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