Brent slips further away from $70 level on build-up in US stocks
Oil prices slipped a second day on Thursday, with Brent edging down further from the $70 mark, after weekly US oil data showed a surprise build in crude inventories and record production.
Brent futures were down 3 cents at $69.28 a barrel by 0603 GMT. Brent fell 6 cents on Wednesday, after touching $69.96, its highest since November 12, when it last traded above $70.
US West Texas Intermediate (WTI) crude fell 8 cents, or 0.1 per cent, to $62.38 a barrel. The contract dropped 12 cents in the previous session after briefly hitting $62.99, also the highest since November.
Global benchmark Brent has gained nearly 30 per cent this year, while WTI has gained nearly 40 per cent. Prices have been underpinned by tightening global supplies and signs of demand picking up.
