Investing.com – Crude oil prices settled lower amid expectations that weekly inventory data will show US crude supplies rose for a third straight week.
On the New York Mercantile Exchange crude futures for March delivery fell 11 cents to settle at $61.68 a barrel, while on London's Intercontinental Exchange, Brent fell 23 cents to trade at $65.02 a barrel.
Oil prices pared intraday gains as traders fretted over fresh weekly totals from the EIA expected to show both crude supplies and production continued to increase in the week ended Feb. 16.
Rising US shale output is widely believed to be one of the main risks threatening to derail OPEC’s efforts to restore balance in oil markets. The group agreed in December to extend the 1.8 million bpd output cuts through 2018, to rid the market of excess supplies.
US production, which surged to a record 10.27 million barrels per day last week, could add to output gains as a widening Brent-WTI differential is said to boost foreign demand of American supplies.
The American Petroleum Institute weekly inventory report is slated for Tuesday after US markets close, while the EIA issues its supply totals Wednesday at 10:30 a.m. ET.
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