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By Bloomberg

Oil held losses near $60 a barrel after government data showed U.S. production climbed to almost a record high.

Futures were little changed in New York following a 1.2 percent decline Wednesday. While crude stockpiles dropped for an eighth week, output increased to 9.6 million barrels a day through June 19, the Energy Information Administration reported. OPEC’s share of the global market last year fell to the smallest since 2003, underscoring its motive to defend sales by maintaining supply.

Oil’s rebound from a six-year low in March has faltered amid speculation that a surplus will persist as rising prices spur production. Crude inventories in the U.S., the world’s biggest oil consumer, remain 84 million barrels above the five- year average for this time of the year.

“Output is plateauing and there are no signs of it coming off at this stage,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said by phone. “Oil is still moving broadly sideways.”

West Texas Intermediate for August delivery was at $60.18 a barrel in electronic trading on the New York Mercantile Exchange, down 9 cents, at 1:30 p.m. Singapore time. The contract decreased 74 cents to $60.27 on Wednesday. Total volume was about 76 percent below the 100-day average. Prices have gained 13 percent this year.

U.S. Output

Brent for August settlement was 3 cents higher at $63.52 a barrel on the London-based ICE Futures Europe exchange. It slid 96 cents to $63.49 on Wednesday. The European benchmark crude traded at a premium of $3.35 to WTI.

U.S. production through June 19 was close to the 9.61 million barrel-a-day record from two weeks earlier, the fastest pace in data compiled by the EIA since January 1983. Output has surged as a combination of horizontal drilling and hydraulic fracturing unlocked supplies from shale formations.

Crude inventories declined by 4.93 million barrels to 463 million last week, the Energy Department’s statistical arm reported Wednesday. Stockpiles at Cushing, Oklahoma, the delivery point for WTI contracts and the nation’s largest storage hub, dropped by 1.87 million to 56.2 million.

The Organization of Petroleum Exporting Countries’ share of the world oil market fell to 41.8 percent last year, from 43.3 percent in 2013, according to the group’s Annual Statistical Bulletin. Libya accounted for more than half the decrease in production.

OPEC Quota

OPEC’s 12 members maintained their collective output quota at 30 million barrels a day at a June 5 meeting as they sought to force higher-cost producers to cut supply. The group pumped 30.68 million a day last year, the report by its Vienna-based secretariat showed.

In China, crude inventories rose 1.28 percent in May from April, according to a newsletter published by the official Xinhua News Agency. That’s about 33.92 million metric tons, or 248.6 million barrels, the highest level in three months.

The Chicago Board Options Exchange Crude Oil Volatility Index closed at 29.60 on Wednesday, signaling the least volatile trading since November.