OL Oil Price Gains Limited By Rising US Crude Stocks
The price of crude oil climbed on Oct. 13, gaining support from record Chinese imports, but gains were limited after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in U.S. crude stocks.
Brent crude futures were trading at $51.91 per barrel (bbl) at (10:37 GMT), up 10 cents from their previous close. West Texas Intermediate (WTI) crude was up 3 cents, at $50.21/bbl.
Traders said oil markets had come under pressure after OPEC reported a rise in output.
"Crude responded predictably, with both Brent and WTI falling," said Jeffrey Halley of brokerage OANDA.
