Excess supply fears made a comeback after the US oil inventories hit record high, pushing the oil benchmarks – Brent and WTI lower. At the time of writing, Brent futures were down 0.67% or 23 cents at 34.05/barrel. WTI futures were down 0.60% or 20 cents at USD 32.73/barrel. The US Energy Information Administration (EIA) data released yesterday showed inventories rose by 2.1 million barrels last week, to a peak of 504.1 million barrels, the third week of record highs in the past month. The inventory data overshadowed moves by Saudi and Russia to cap output. Iraq's oil minister Adel Abdul Mahdi said on Thursday that talks would continue between OPEC and non-OPEC members to find a number of ways in which prices could be restored to “normal”. For more information, read our latest forex news.