Oil Edges Lower on The Back of Rising U.S. Supplies and Increasing U.S. Crude Exports

Crude oil futures prices dropped on Thursday after having reversed lower the day before as U.S. government data showed a rise in domestic supplies which is eroding efforts led by OPEC to cut output and prop up prices.

The U.S. Energy Information Administration (EIA) on Wednesday reported a 1.57 million barrels increase in crude inventories last week, sending a 1.57 million barrels increase in crude inventories.

Also contributing the crude’s slide, data released by the U.S. Census Bureau on Tuesday showed U.S. exports rose to a record 31.2 million barrels during February, which was equivalent to 1.1 million bpd, with most cargoes going to Asia – a market long dominated by Saudi Arabia and other Middle East producers.

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