Oil prices were down at early trading on Thursday as both U.S. crude oil inventories and production were up, raising global oil stocks while putting a downward pressure on prices.
International benchmark Brent crude was trading at $58.20 per barrel at 0630 GMT for a 0.17% gain after closing Wednesday at $58.30 a barrel.
American benchmark West Texas Intermediate lost 0.82% on Wednesday to close the day at $52.20 per barrel.
The world's top oil producer, the U.S., saw its crude oil production climb up to a new record high of 12.6 million barrels per day (mbpd) for the week ending Oct. 4, according to the country's Energy Information Administration (EIA).
The last time the U.S.' crude oil production saw a record high level was for the week ending Aug. 23 when output reached 12.5 mbpd, the EIA data showed.
Commercial crude oil inventories in the country rose by 2.9 million barrels for the week ending Oct. 4, much higher than the market expectation of 1.4 million barrels.
The rise in the U.S.' crude oil output and inventories signal that the increase in global oil inventories could put a downward pressure on oil prices in the near-term.
'EIA expects downward oil price pressure to emerge in the coming months as global oil inventories rise during the first half of 2020,' the administration said in its Short-Term Energy Outlook report for October released on Tuesday.
By Ovunc Kutlu