Oil prices extended losses on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.
U.S. crude stockpiles rose by 3.6 million barrels in the week through Nov. 23, the U.S. Energy Information Administration said on Wednesday. That compared with analysts’ expectations for an increase of 769,000 barrels in a Reuters poll.
Brent crude, the global benchmark, was down 87 cents, or 1.4 percent, at $59.34 a barrel by 10:35 a.m. ET (1515 GMT), after trading as high as $61.27. U.S. West Texas Intermediate crude fell 53 cents, or 1 percent, to $51.03.
Stockpiles at the Cushing, Oklahoma delivery hub for WTI crude rose by 1.2 million barrels, EIA said.
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