Crude oil futures continuing their bearish trend ended lower on Thursday, amid a flurry of U.S. economic data and as investors fretted over a potential uptick in global supply amid reports that Turkey and Iraq discussed resuming exports from the Kirkuk-Ceyhan pipeline. The resumed talk sparked fears of oversupply as many said a possible uptick in exports would forced OPEC to rein in production. Meanwhile, Energy Information Administration (EIA) Energy Agency’s preliminary US production figures showed weekly output rose by 25,000 to an all-time high of 9.65 million barrels per day, as crude oil stockpiles rose for second week in a row.
Benchmark crude oil futures for December delivery ended lower by $0.19 or 0.4 percent at $ 55.14 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.52 to $61.35 a barrel on the ICE.
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