SINGAPORE, March 2 Crude oil fell for a third
consecutive session on Thursday as a record build-up in U.S.
stockpiles weighed on the market, with producers boosting shale
Crude stockpiles in the United States, the world's top oil
consumer, rose by 1.5 million barrels last week, less than
forecast, but touching a record at 520.2 million barrels after
eight straight weekly builds.
U.S. West Texas Intermediate (WTI) futures slipped 12
cents, or 0.2 percent, to $53.71 a barrel by 0025 GMT. Benchmark
Brent crude futures were yet to start trading after
falling in the last session.
Still, oil remained locked within a tight trading range as
strict OPEC compliance with output cuts offset rising U.S. oil
"Crude oil prices... (are) unable to break out of the
increasingly tight range they have been trading in for the past
month," ANZ said in a note.
"EIA data showed a pickup in the inventory build in the U.S.
Stocks rose by a lower-than-expected."
The Organization of the Petroleum Exporting Countries (OPEC)
reduced its oil output for a second month in February, a Reuters
survey found, showing the exporter group has boosted already
strong compliance to around 94 percent.
Heftier cuts by Saudi Arabia and Angola helped offset weaker
compliance by other members that agreed to limit their output.
Compliance by Russia still remains weak.
Russian oil production fell in February to around 11.10
million barrels per day (bpd), from over 11.2 million in
October, two sources familiar with the data told Reuters on
Wednesday. It had pledged to cut its oil output by 300,000
barrels per day in the first half of 2017
(Reporting by Naveen Thukral; Editing by Richard Pullin)