Oil prices fall with rising US stocks, record output

Oil prices started Thursday with a decline as crude oil inventories in the U.S. increased much higher than market expectation and crude production in the country remained at record high levels.

International benchmark Brent crude was trading at $71.48 per barrel at 0635 GMT with a 0.14% decline after ending Wednesday at $71.58 a barrel.

American benchmark West Texas Intermediate was at $64.31 a barrel at the same time for a 0.05% loss after closing the previous session at $64.34 per barrel.

The U.S.' Energy Information Administration (EIA) said Wednesday commercial crude oil inventories in the country increased by 7 million barrels for the week ending April 5, against a market expectation of 2.3 million barrels.

The country's crude oil production also remained at a record high level of 12.2 million barrels per day during that period, according to the EIA.

On the demand side, weak global economic growth expectations for 2019 put downward pressure on oil prices.

The International Monetary Fund said Tuesday it revised down its global economic growth forecast for this year to 3.3%, from its previous estimate of 3.5% in January.

Crude prices could decline further if oil output in the U.S., the world's largest producer, continues to remain at an all-time high and economic slowdown hurts overall oil demand worldwide.