ExpertCrudeOil.com- Oil slips on record US crude output, China's weakening economy

ExpertCrudeOil.com- Oil slips on record US crude output, China's weakening economy

Oil costs dipped on Thursday, dragged down by China's weakening economy & record U.S. crude output, although markets remained relatively well supported by supply cuts led by maker club OPEC.

International Brent crude futures were at $66.23 per barrel at 0129 GMT, down 16 cents, or 0.2 percent from their last close.

U.S. West Texas Intermediate crude oil futures were at $56.90 per barrel, down 4 cents from their last adjustment.

Costs were dragged down by surging American crude oil production, which has ascended by in excess of 2 million barrels per day over the last year, to an unprecedented 12.1 million barrels per day.

Traders said China's weakening economy additionally weighed on oil costs.

Production line movement in China, the world's greatest oil importer, shrank for the third straight month in February. China's official manufacturing gauge fell to a three-year low, featuring developing breaks in an economy confronting persistently weak demand at home & abroad.

In any case, oil markets remain relatively well supported by supply cuts by the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-affiliated producers like Russia, known as 'OPEC+', agreed late last year to reduce output by 1.2 million barrels per day to prop up prices.

In view of these cuts, U.S. business crude inventories fell 8.6 million barrels in the week to Feb. 22 to 445.87 million barrels.

"crude imports into the U.S. fell 1.6 million barrels per day a week ago, to a two-decade low," ANZ bank said on Thursday.

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