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Oil prices eased on Thursday as US crude oil futures came under pressure as domestic inventories rose and production hit record highs, but losses were limited as the organization of Petroleum Exporting Countries (OPEC) predicted a lower than expected oversupply of crude oil.
Brent crude oil futures closed at $62.28 a barrel, down $0.09, while US crude oil futures closed at $56.77 a barrel, down $0.35.
US crude oil inventories rose 2.2 million barrels last week, higher than the 1.649 million barrels expected by analysts surveyed by Reuters, the EIA said on Thursday. Production hit a record high.
"Today's oil market is driven by inventory reports," said Phil Flynn, an analyst at price futures group in Chicago. "The increase in crude oil supply is a bit disappointing."
The EIA said in its report that crude oil production in the United States increased by 200000 barrels a day, setting a weekly production record of 12.8 million barrels a day, and that the report was delayed one day due to veterans' holidays.

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