Oil prices fell on Wednesday, continuing their recent slide after surging U.S. crude output hit another record and domestic inventories rose more than expected.
In early trade, prices had risen after a report that Russia and Saudi Arabia are discussing whether to cut crude output next year. Then the U.S. Energy Information Administration reported that domestic crude inventories rose 5.8 million barrels in the latest week, more than double analysts' expectations.
Crude output hit 11.6 million bpd, a weekly record, though analysts will watch to see if monthly data confirms that.
U.S. West Texas Intermediate crude ended Wednesday's session down 54 cents, or nearly 1 percent, at $61.67, its lowest closing price since mid-March. WTI touched a nearly eight-month low at $61.20 on Wednesday, falling more than 20-percent from its recent high and briefly trading in bear market territory.