Petroleum prices fell about 1% on Wednesday, on new concerns about an oil glut sparked by rising U.S. crude inventories in storage, and suggestion from the Organization of the Petroleum Exporting Countries saying output cuts must be implemented to avoid the prospect of a growing surplus.
The Energy Information Administration in the U.S. showed inventories at the Cushing, Oklahoma, delivery hub rose once again, the sixth build in seven weeks.
The EIA survey showed crude inventories overall fell by 2.6 million barrels in the last week, compared with analyst expectations for a decrease of 1.6 million barrels.
International Brent crude futures were down 66 cents, or 1.2%, at $55.06 U.S. per barrel late Wednesday morning. U.S. West Texas Intermediate crude oil futures were down 82 cents, or 1.6%, to $52.16 U.S. a barrel.
Markets were also focused on an anticipated U.S. interest rate hike that would likely boost the dollar, making dollar-traded fuel imports more expensive for countries using other currencies at home.
OPEC on Wednesday signaled a growing oil supply surplus next year unless members implement their deal to curb output from record levels and outside producers also deliver on cutback pledges made last weekend.
In a monthly report, OPEC said that without cuts the 2017 overhang would reach 1.24 million barrels per day, about 300,000 barrels per day higher than the forecast in its previous report.
