MTECHTIPS:-Oil Price Ease but Remain Supported by Middle East

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MTECHTIPS:-Oil Price Ease but Remain Supported by Middle East Tensions

MTECHTIPS-Oil prices eased on Thursday after rallying to multi-year highs, but remained supported as fears of more confrontations in the Middle East offset an unexpected buildup in U.S. crude inventories. New York-traded West Texas Intermediate crude futures were down 13 cents or 0.19% to $66.69 a barrel by 4:47 AM ET (08:47 AM GMT). The U.S. benchmark rose 2.1% in the previous session to a level last seen in late 2014. Brent crude futures, the benchmark for oil prices outside the U.S., shed 22 cents, or roughly 0.32%, to $71.85 a barrel. Brent climbed 1.27% on Wednesday to hit its highest level since late 2014. The release of data on Wednesday showing rises in U.S. inventories and production weighed on prices. Inventories of U.S. crude rose by 3.306 million barrels for the week ended April 6, confounding expectations for a modest decline of 600,000 barrels. Meanwhile, U.S. crude oil production last week hit a fresh record of 10.53 million barrels per day (bpd), up by a quarter since mid-2016. But concerns over Middle East tensions continued to grip markets

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