USA oil prices extend decline on crude inventory build

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NYMEX crude for December delivery CLc1 was down 2 cents at $52.16 (39.37 pounds) a barrel by 0107 GMT, after ending the last session down 29 cents, or 0.6 percent.

Crude oil prices fell Wednesday after U.S. government data confirmed a build in domestic oil stockpiles.

Oil was little changed before the release of US inventory data, while OPEC and its allies reassured traders that they'll complete their strategy to clear a global crude surplus.

Mixed support from supply and demand metrics left crude oil prices in relatively static territory in the early rounds of Thursday trading.

The Organization of the Petroleum Exporting Countries-of which Saudi Arabia is the largest member-and some other major producers like Russian Federation first agreed late past year to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.

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Putin said earlier this month the oil supply deal could be extended to the end of 2018, although OPEC ministers have not given specific commitments on doing so.

Brent crude edged up after top exporter Saudi Arabia reiterated its determination to end a three-year supply glut. A forecast from the EIA, meanwhile, said expectations for WTI are what drive its forecast for crude oil production. OPEC's next official meeting is on November 30 in Vienna.

Oil prices have been rising for weeks and some investors have begun to take profits, brokers say.

According to the EIA, US distillate production rose by 9,000 bpd (barrels per day) to 4,795,000 bpd on October 13-20, 2017.

The U.S. Energy Information Administration, however, posted a surprise 856,000 build, snapping a four-week streak of declines. Production rebounded from a sharp falloff due to Hurricane Nate, and imports rose as well. Brent, the global benchmark, rose to a two-year high, closing up 86 cents, or 1.5%, to $59.30 a barrel.

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