Oil inventory
Lagos — U.S. crude inventories fell to 1.7 million barrels in the week ended Oct. 18, data from the Energy Information Administration showed.
Analysts had expected an increase in production to 2.2 million barrel increase.
Brent prices have risen by 13% this year, supported by cut deal among the Organization of the Petroleum Exporting Countries, OPEC and its partners.
However, oversupply from the U.S had crashed prices from above $100 per barrel to below $30 per barrel.
Oil price as at Thursday fell below $61p/b over low demand outlook in U.S. crude inventories and further cuts by OPEC.
Brent crude LCOc1 fell by 39 cents to $60.78 a barrel by 0844 GMT, having risen 2.5% on Wednesday its highest since Sept. 30.
OPEC, Russia and other producers agreed to cut oil output by 1.2 million barrels per day until March 2020 to support the market. The policy will be reviewed at the next meeting from Dec. 5-6.
The group already gave indications to extend the curbs to offset the weaker demand outlook for OPEC crude in 2020.
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