Oil prices were down at trading start Thursday with rising U.S. crude oil inventories and with production in the country continuing at a record high level.
International benchmark Brent crude was trading at $62.31 per barrel at 0710 GMT with a 0.4 percent decline after it closed Thursday at $62.59 a barrel.
American benchmark West Texas Intermediate registered at $53.69 a barrel at the same time, a 0.5 percent loss, after ending the previous session at $53.95 per barrel.
Commercial crude oil inventories in the U.S. increased by 1.3 million barrels to reach 447.2 million barrels for the week ending Feb. 1, according to the Energy Information Administration (EIA) on Wednesday.
In addition, the U.S.' crude oil production increased slightly by 9,000 barrels per day (bpd) to remain at record high level of around 11.9 million bpd (mbpd) for the week ending Feb.1, the EIA said.
The endurance of larger U.S. crude oil inventories with crude output at record high levels help keep a downward pressure on oil prices, experts said.
On the other hand, oil production cuts by Saudi Arabia-led OPEC and non-OPEC Russia, in addition to U.S. sanctions on Venezuela, prevent oil prices from dropping further, they added.
By Ovunc Kutlu