&nbsp;<a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">Oil prices fell </a>more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC.

Brent crude futures, the international benchmark for oil prices, were down $1.54, or 2.47%, at $60.75 a barrel by 1110 GMT.

US West Texas Intermediate crude futures were down $1.46, or 2.74%, at $51.81.

The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude production on Tuesday.

A surprise increase in US crude stockpiles also kept oil prices under pressure.

"Yesterday’s bout of paralysis is giving way to a fresh slide in prices as market players fret over a swelling glut in US oil stockpiles," brokerage firm PVM said in a daily note.

US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, data from the American Petroleum Institute (API) showed on Tuesday. That compared with analyst expectations for a decrease of 481,000 barrels.&nbsp;

Trade tensions between the United States and China, the world's two biggest oil consumers, also weighed on prices. US President Donald Trump said he was holding up a trade deal with China.

European shares pulled back from three-week highs on Wednesday as this month's recovery rally ran out of steam on the back of soft Chinese factory activity and trade frictions.

Hedge fund managers are liquidating bullish oil positions at the fastest rate since the fourth quarter of 2018.

With the next meeting of the Organisation of the Petroleum Exporting Countries set for the end of June, the market is looking at whether the world's major oil producers will prolong their supply cuts.

OPEC, along with non-members including Russia, have limited their oil output by 1.2 million barrels per day since the start of the year to prop up prices.

Goldman Sachs said in a note that an uncertain macroeconomic outlook and volatile oil production from Iran and others could lead OPEC to roll oversupply cuts.

"We expect such an outcome to only be modestly supportive of prices with our third-quarter Brent forecast at $65.5 per barrel," Goldman added.

The energy minister of the United Arab Emirates, Suhail bin Mohammed al-Mazroui, said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts.

OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil prices fell more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC.

Oil prices fell more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC. Brent crude futures, the international benchmark for oil prices, were down $1.54, or 2.47%, at $60.75 a barrel by 1110 GMT. US West Texas Intermediate crude futures were down $1.46, or 2.74%, at $51.81. The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude production on Tuesday. A surprise increase in US crude stockpiles also kept oil prices under pressure. "Yesterday’s bout of paralysis is giving way to a fresh slide in prices as market players fret over a swelling glut in US oil stockpiles," brokerage firm PVM said in a daily note. US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, data from the American Petroleum Institute (API) showed on Tuesday. That compared with analyst expectations for a decrease of 481,000 barrels. Trade tensions between the United States and China, the world's two biggest oil consumers, also weighed on prices. US President Donald Trump said he was holding up a trade deal with China. European shares pulled back from three-week highs on Wednesday as this month's recovery rally ran out of steam on the back of soft Chinese factory activity and trade frictions. Hedge fund managers are liquidating bullish oil positions at the fastest rate since the fourth quarter of 2018. With the next meeting of the Organisation of the Petroleum Exporting Countries set for the end of June, the market is looking at whether the world's major oil producers will prolong their supply cuts. OPEC, along with non-members including Russia, have limited their oil output by 1.2 million barrels per day since the start of the year to prop up prices. Goldman Sachs said in a note that an uncertain macroeconomic outlook and volatile oil production from Iran and others could lead OPEC to roll oversupply cuts. "We expect such an outcome to only be modestly supportive of prices with our third-quarter Brent forecast at $65.5 per barrel," Goldman added. The energy minister of the United Arab Emirates, Suhail bin Mohammed al-Mazroui, said on Tuesday that OPEC members were close to reaching an agreement on continuing production cuts. OPEC is set to meet on June 25, followed by talks with its allies led by Russia on June 26. But Russia suggested a date change to July 3 to 4, sources within the group previously told Reuters.

Oil falls over 2% on weaker demand growth, gain in US crude stocks

Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.

Brent crude futures, the international benchmark for oil prices, opened at $70.95 a barrel on Thursday, their highest level since early December, 2014. They had edged down to $70.86 by 0105 GMT, which was still up 33 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures climbed to $66.22 per barrel in early trading, also the highest level since early December, 2014. They had dipped back to $66.07 a barrel by 0104 GMT, still up 46 cents, or 0.7 percent, from their last settlement.

Both crude benchmarks are up by almost 60 percent since the middle of last year.

Price support has also been coming from supply restrictions led by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started last year and are set to last throughout 2018.

&quot;The Saudi&#39;s and Russians continue to work together to talk the oil market higher and last night, the countries&#39; two oil ministers said they were working together on other longer-term projects as well,&quot; said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

&quot;That, and the USD fall, along with another inventory draw combined to drive (crude) up,&quot; he added.

U.S. crude inventories fell 1.1 million barrels in the week to Jan. 19, to 411.58 million barrels, the Energy Information Administration (EIA) said on Wednesday.

That&#39;s the lowest seasonal level since 2015 and below the U.S. five-year average around 420 million barrels.

In foreign exchange markets, the U.S. dollar hit its lowest level since December, 2014 against a basket of other leading currencies.

A weakening dollar often results in financial traders taking investment out of currency markets and into commodity futures like crude.

Analysts said that rising oil prices would likely start to have an inflationary effect.

&quot;Higher oil prices will eventually be reflected in higher consumer prices as the costs of transport of most goods will rise,&quot; said William O&#39;Loughlin, investment analyst at Australia&#39;s Rivkin Securities.

Looming over the generally bullish oil market has been U.S. oil production, which is edging ever more closely towards 10 million barrels per day (bpd), hitting 9.88 million bpd last week.

U.S. output has grown by more than 17 percent since mid-2016, and is now on par with that of top exporter Saudi Arabia.

Only Russia produces more, averaging 10.98 million bpd in 2017.

US West Texas Intermediate (WTI) crude futures climbed to $66.22 per barrel in early trading, also the highest level since early December, 2014.

Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Brent crude futures, the international benchmark for oil prices, opened at $70.95 a barrel on Thursday, their highest level since early December, 2014. They had edged down to $70.86 by 0105 GMT, which was still up 33 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures climbed to $66.22 per barrel in early trading, also the highest level since early December, 2014. They had dipped back to $66.07 a barrel by 0104 GMT, still up 46 cents, or 0.7 percent, from their last settlement. Both crude benchmarks are up by almost 60 percent since the middle of last year. Price support has also been coming from supply restrictions led by a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started last year and are set to last throughout 2018. "The Saudi's and Russians continue to work together to talk the oil market higher and last night, the countries' two oil ministers said they were working together on other longer-term projects as well," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. "That, and the USD fall, along with another inventory draw combined to drive (crude) up," he added. U.S. crude inventories fell 1.1 million barrels in the week to Jan. 19, to 411.58 million barrels, the Energy Information Administration (EIA) said on Wednesday. That's the lowest seasonal level since 2015 and below the U.S. five-year average around 420 million barrels. In foreign exchange markets, the U.S. dollar hit its lowest level since December, 2014 against a basket of other leading currencies. A weakening dollar often results in financial traders taking investment out of currency markets and into commodity futures like crude. Analysts said that rising oil prices would likely start to have an inflationary effect. "Higher oil prices will eventually be reflected in higher consumer prices as the costs of transport of most goods will rise," said William O'Loughlin, investment analyst at Australia's Rivkin Securities. Looming over the generally bullish oil market has been U.S. oil production, which is edging ever more closely towards 10 million barrels per day (bpd), hitting 9.88 million bpd last week. U.S. output has grown by more than 17 percent since mid-2016, and is now on par with that of top exporter Saudi Arabia. Only Russia produces more, averaging 10.98 million bpd in 2017.

Oil hits highest since late 2014 on US crude inventory drop, weaker dollar

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Oil falls over 2% on weaker demand growth, gain in US crude stocks

Oil hits highest since late 2014 on US crude inventory drop, weaker dollar