Oil prices extend losses amid rise in crude stocks

The chairperson of the Namibia Basketball Federation North Committee Pondo Nailenge, German volunteers- Lovisa Plaisir and Kilian Stahlhut pose with children who are attending after-school classes and basketball traini

An oil pump jack of Canadian group Vermilion Energy is pictured in Parentis-en-Born, France, October 13, 2017.

US crude oil stockpiles rose unexpectedly last week as imports jumped, exports tumbled and production inched up to its highest since at least 1983, the Energy Information Administration said on Wednesday.

-December light, sweet crude on the New York Mercantile Exchange was recently down 0.3% at $57 a barrel in the Globex training session.

"The most notable thing in the EIA report was that production increased".

Crude oil stocks rose by 2,237 MBBL last week to 457,143 MBBL, from 454,906 MBBL.

OPEC and other exporters are keeping about 1.8 million barrels a day out of the market in order to end a persistent glut of crude oil.

China's General Administration of Customs said crude imports fell to 7.3 million barrels per day in October down from a high of 9 million bpd in September.

Traders said they were also watching escalating tensions in the Middle East, especially between regional rivals Saudi Arabia and Iran.

Meanwhile, analysts said investors also tended to take profit after oil prices posted solid gains earlier this week.

After trading at their highest level since mid-2015 only two days ago, Brent and WTI futures retreated on Wednesday, taking stock of a surprise build-up in U.S. crude inventories.

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