Oil prices edge lower amid oversupply concerns

Oil prices declined on Thursday after official figures showed a rise in US crude inventories, indicating continued recovery from the repercussions of two hurricanes in the Gulf of Mexico.

The international benchmark Brent crude was trading down 0.3% at $78.40 per barrel, at 9.00 am Makkah time.

WTI crude fell 0.1% to $74.74 per barrel.

US crude production was up by 500,000 barrels to 11.1 million barrels per day, in the week to Sept. 24, Energy Information Administration data showed.

Meanwhile, OPEC is expected to maintain its production agreement – to add 400,000 barrels per day to its output in November – despite recent spike in oil prices.