SINGAPORE (Reuters) – Oil prices fell on Friday on a bounce-back in U.S. production, but ongoing declines in crude inventories curbed losses in the market.
Brent crude futures were at $68.78 at 0128 GMT, down 53 cents, or 0.8 percent, from their last close. On Monday, they hit their highest since December, 2014 at $70.37 a barrel.
US - West - Texas - Intermediate - WTI
U.S. West Texas Intermediate (WTI) crude futures were at $63.36 a barrel, down 59 cents, or 0.9 percent, from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.
Traders said the lower prices were prompted by a recovery in U.S. oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere.
US - Crude - Oil - Production - Barrels
U.S. crude oil production stood at 9.75 million barrels per day (bpd) on Jan. 12, data from the Energy Information Administration (EIA) showed.
Output had fallen to 9.49 million barrels at the start of the year, due largely to a cold snap that shut down some production.
Analysts - US - Output - Barrels
Most analysts expect U.S. output to break through 10 million barrels per...
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