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Oil prices fall on higher US crude inventories

“Both benchmarks have risen more than 20 percent from their lows in June as world oil markets tightened” reports Brent crude oil was down 60 cents at $56.34 a barrel by 1055 GMT. U.S. light crude was 75 cents lower at $50.55.Higher U.S. production is allowing U.S. companies to export increasing volumes to world markets, feeding inventories and helping to undermine OPEC’s efforts to tighten the market.Many analysts expect Brent to stay between $50 and $60 a barrel as long as global markets stay balanced.

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