Oil prices decline ahead of US inventory data

Oil drilling rigs

Oil prices fell during trading today, Nov. 13, continuing their losses after dropping by about 4% the previous day, as investors awaited the release of inventory data in the United States.

Brent crude was trading down 0.1% at $62.65 a barrel, at 08:56 am Makkah time. West Texas Intermediate (WTI) fell 0.15% to $58.41 a barrel.

Prices came under pressure after OPEC predicted in its report yesterday that global oil supply would keep pace with demand next year, supported by its recent production increases.

Data from the American Petroleum Institute revealed that commercial oil inventories rose by 1.3 million barrels during the week ended Nov. 7, while investors await official data from the Energy Information Administration later today.