Oil prices fell Thursday, with Brent trading not far from 11-year lows, as data showing fresh supply builds at the delivery point for U.S. crude futures added to worries about a global glut.
Market intelligence firm Genscape reported an inventory increase of 1.4 million barrels at the Cushing, Oklahoma delivery hub for the U.S. crude's West Texas Intermediate (WTI) futures, traders who saw the data said.
"Bearish fundamentals are hanging over the oil markets like storm clouds, with no break in sight or relief in the near future," said Chris Jarvis, founder of Caprock Risk Management, an oil market consultancy in Frederick, Maryland. "The dollar is moving higher too."
The dollar hit a 2-week high against a basket of currencies, making oil and other commodities denominated in the greenback less affordable to users of the euro among others.