Oil prices dip on U.S. crude inventory build, record Saudi output

August 11, 2016 7:01 AM

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Oil prices dip on U.S. crude inventory build, record Saudi output

SINGAPORE Oil prices fell on Thursday as a build in U.S. crude inventories and record Saudi Arabian production reinforced fears of a persistent supply overhang that will last well into next year and keep weighing on markets.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $41.59 per barrel at 0650 GMT, down 12 cents from their last settlement.

Also read: Oil prices hold gains after surge on OPEC output deal

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