NEW YORK, May 24 (Xinhua) -- Oil prices decreased on Thursday as the surprise build of U.S. inventories continued to weigh on the market.
The West Texas Intermediate (WTI) for July delivery decreased 1.13 U.S. dollars to settle at 70.71 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was down 1.01 dollars to close at 78.79 dollars a barrel on the London ICE Futures Exchange.
The Energy Information Administration said in its weekly report on Wednesday that U.S. commercial crude inventories surged by 5.8 million barrels in the week through May 18, which surprised the market as analysts had expected a decline.
Oil prices were also under pressure as news came that the Organization of Petroleum Exporting Countries (OPEC) may wind down the current output-cut deal.
OPEC may decide in June to lift output to make up for reduced supply from Iran and Venezuela and in response to concerns from Washington about a rally in oil prices, according to Reuters. Enditem
