31.01.201802:48:00UTC+00Oil Prices Decline for Third Day as Crude Stock Build-up Weighs

Oil prices continued its declining streak for the third day after data from the U.S. Energy Department showed crude inventories increased more than expected in the previous week, while the selloff in other commodities, stocks , nd bond added to investors' bearish sentiment.

The international benchmark, Brent crude, traded down 0.69 percent or around 1 percent at $68.33 per barrel, an almost two-week low. U.S. WTI future fell 67 cents or 1 cent at $63.83 per barrel after edging down to its weakest level in over a week.

On Tuesday, U.S. crude declined 1.6 percent to close at $64.50 per barrel, the contract's fall far outstripping a 0.6 percent fall in the price of Brent.

According to analysts, rising worries over increasing U.S. production continue to mount pressure on oil. THe report from the American Petroleum Institute late on Tuesday showed crude inventories increased by 3.2 million barrels in the previous week cast a more bearish mood over the market.

Despite the concerns on supply, prices on both WTI and Brent are still poised for a fifth month of gains.