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Oil Falls On Rising Inventories, Record Output

Oil prices fell on Thursday after data showed rising crude inventories and record U.S. crude production.

OPEC-led supply cuts and the U.S. sanctions against Venezuela's oil industry helped to limit the downside.

Global benchmark crude edged down 0.2 percent to $62.56 per barrel while U.S. West Texas Intermediate (WTI) crude futures were down 0.15 percent at $53.94 per barrel.

Data from Energy Information Administration showed that crude inventories increased by 1.26 million barrels last week. Economists were expecting an increase of 2.2 million barrels.

Crude inventories had risen by 920,000 barrels in the previous week while gasoline stocks jumped by 510,000 barrels.

Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018.

The data came a day after API data showed a build of 2.5 million barrel U.S. crude inventories last week.

On the positive side, Venezuelan crude exports to the United States are expected to quickly fall by 300,000 barrels per day (bpd) to around 700,000 bpd following U.S. sanctions on the country's oil industry.

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