European Stocks In Oil Slick

Global oil prices edged higher in overnight trading, but remain within touching distance of 10-month lows
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Global oil prices edged higher in overnight trading, but remain within touching distance of 10-month lows after a 2.3% slide yesterday that came despite a 2.7 million barrel drop in crude stocks in the week ending June 16 reported yesterday by the Energy Information Administration.

However, the EIA also noted that U.S. production rose to 9.35 million barrels per day, which challenges the levels of the world's biggest producers in Russia and Saudi Arabia, and that kept further downward pressure on prices, which have suffered their longest six-month decline in 20 years.

West Texas Intermediate crude futures for August delivery traded little-changed from their Wednesday close at $42.52 in early London dealing while Brent contracts for the same month, the global benchmark, were marked 7 cents lower at $44.75.

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This article was written by a staff member of TheStreet.