U.S. oil prices fall after sharp rise in stockpiles
U.S. oil fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices.
Trading of Brent crude LCOc1 had not started. The contract settled up $1.22 a barrel at $56.80 on Wednesday.
U.S. crude stocks grew last week, along with gasoline and distillate inventories, the Energy Information Administration said on Wednesday, as refiners let stocks build further in a seasonally slow season for production.
Russia cut production in January by around 100,000 barrels per day (bpd), according to data seen by Reuters. Earlier this week, a Reuters survey found high compliance by OPEC with agreed cuts. OPEC/O
But indications that producers from the Organization of the Petroleum Exporting Countries and others including Russia are curbing output helped underpin prices.
The curbs follow last year's agreement to lower supplies by a combined 1.8 million bpd to prop up prices that remain at about half their mid-2014 levels.
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