Oil Prices Weighed Down By Rising U.S. Supplies, But OPEC Cuts Prevent Falls

Oil markets on Thursday were weighed down by rising U.S. crude production and inventories, but prices were prevented from falling by expectations that OPEC will extend an ongoing production cut during a meeting at the end of this month. Brent crude futures , the international benchmark for oil prices, were at $61.89 per barrel at 0100 GMT, 2 cents above their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $55.33 a barrel, unchanged from their last settlement. Both crude benchmarks have lost almost 5 percent in value since hitting 2015 highs last week.

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