2017.10.2600:56:00UTC+00Oil Prices Edge Down on Rise in U.S. Crude Stocks, Production

Oil prices declined on Thursday, weighed down by an unexpected rise in U.S. crude inventories and as oil production and exports from the U.S. increased in the latest week.

Brent crude futures traded down 4 cents at $58.40 per barrel. The international benchmark rose by only 0.2 percent on Wednesday, lifted by comments by Saudi Arabia's energy minister on Tuesday which reaffirmed its determination to rein in a global supply glut.

U.S. WTI crude futures traded down 5 cents at $52.13 after closing the previous session down 29 cents or 0.6 percent.

U.S. crude inventories increased by 856, 000 barrels in the previous week, according to the U.S. Energy Information Administration data on Wednesday, contrary to an expected decline of 2.6 million barrels.

According to analysts, the market's direction is wavering due to mixed factors. Bullish factors include the steep drop in U.S. gasoline and distillate stockpiles. U.S. gasoline and heating oil futures contracts jumped after the official data showed stockpiles of gasoline and distillate fuel declined by over 5 million barrels, despite an increase in refining output.

On the other hand, a 1.1 million bpd surge in U.S. crude production to 9.5 million bpd in the week after Hurricane Nate hit powered a solid production output that affected oil prices.