Oil mixed amid U.S. crude stock build, OPEC surplus forecast - Reuters

Oil mixed amid U.S. crude stock build, OPEC surplus forecast - Reuters:

Oil prices were mixed on Thursday as U.S. crude futures were pressured by a build in domestic inventories and record production, while forecasts from the Organization of the Petroleum Exporting Countries for a lower-than-expected oil surplus supported Brent. 

Brent crude futures LCOc1 were up 3 cents to $62.40 a barrel by 1:22 p.m. EST (1822 GMT), while West Texas Intermediate crude CLc1 was down 20 cents to $56.92 a barrel.

U.S. crude stockpiles grew last week by 2.2 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.649 million-barrel rise, as production hit a record high, the Energy Information Administration said.

“It’s really about the inventory report today,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “The build in crude oil supply was a bit of a disappointment.”