By Henning Gloystein
Brent crude futures
U.S. West Texas Intermediate (WTI) crude futures
The Organization of the Petroleum Exporting Countries (OPEC), together with some non-OPEC producers including Russia, started withholding output in 2017 to reduce a global supply overhang and push up prices.
The group is due to meet on June 22 in Vienna, Austria, to discuss future production policy.
The rising stocks are in part a result of the surge in U.S. crude oil production
With output in Russia rising back above 11 million bpd in June and Saudi production jumping back above 10 million bpd, supplies from the top three producers are rising.
"With rising production from U.S. shale adding to oil's woes and reviving oversupply concerns, further downside could be a possibility in the short to medium term," Otunuga said.
(Reporting by Henning Gloystein; editing by Richard Pullin)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)