Oil prices dip on swelling US crude stocks, but global markets still tight

Oil prices dipped on Thursday, extending bigger falls from the previous session, as surging US crude inventories and weak demand from refineries weighed on markets. However, oil markets still remain relatively well supported by supply cuts led by the OPEC producer cartel and by political tension in the Middle East.

Brent crude futures, the international benchmark for oil prices, were at $70.90 per barrel at 0007 GMT, down 9 cents, or 0.1 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were down by 3 cents at $61.39 per barrel. Crude futures fell by around 2 percent the previous day.