Global crude oil prices fell on Thursday on concerns over weakening demand in the United States (US) and the risk of oversupply in the market.
Brent crude fell 11 cents, or 0.16%, to $67.38 a barrel while West Texas Intermediate (WTI) oil fell 13 cents, or 0.2%, to $63.54 a barrel.
The weekly report by the Energy Information Administration (EIA) showed US crude inventories rose by 3.9 million barrels for the week ended September 5, compared with market expectations of a decline of one million barrels.
Gasoline stocks also rose by 1.5 million barrels, far from expectations of a decline of 200,000 barrels, thus reinforcing concerns about weak energy demand in the country.
Meanwhile, the OPEC+ group has decided to increase production starting in October, albeit at a smaller rate than in the previous month.
Analysts have warned that producers are continuing to add to supply as global demand growth stalls, raising the potential for a supply glut by the end of the year.
If the oversupply persists and demand remains weak, crude oil prices are expected to continue to decline in the coming months.
Investors are now awaiting the release of US consumer inflation data which is expected to influence the direction of the Federal Reserve's (Fed) monetary policy as well as influence global oil price movements in the medium term.
