Summary US oil prices fell Wednesday after weekly US petroleum data showed marginally lower production.
NEW YORK (AFP) - US oil prices fell Wednesday after weekly US petroleum data showed higher crude inventories but marginally lower production.
US benchmark West Texas Intermediate for June delivery shed 45 cents to $56.16 a barrel on the New York Mercantile Exchange.
But European benchmark Brent oil for June delivery gained 65 cents to $62.73 a barrel in London.
US commercial crude inventories rose for the 15th straight week, this time by 5.3 million barrels in the period ending April 17.
The increase lifts US oil supplies to the highest level on record, the Department of Energy said.
However, crude production slipped by 18,000 barrels a day, about 0.2 percent.
Gene McGillian, broker and analyst at Tradition Energy, said the drop in output likely encouraged some speculators who believe US oil production will fall further because of cutbacks in drilling.
"The question remains whether those expectations will be justified," said McGillian, adding that near-term supply fundamentals remain "weak."
