Oil prices extended falls from the previous two days on Wednesday as soaring U.S. production outweighed strong China data that makes more imports by the world’s biggest crude buyer likely.  U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.65 a barrel at 0651 GMT, down 6 cents, or 0.1 percent, from their previous close.

Brent crude futures LCOc1 were at $64.47 per barrel, down 17 cents, or 0.26 percent. Brent and WTI have shed around 1.5 and 2.4 percent since the start of the week, with prices hit by concerns over a relentless rise in U.S. crude oil production that has also been contributing to increasing inventories. U.S. crude production C-OUT-T-EIA has soared by almost a quarter since mid-2016 to 10.37 million barrels per day (bpd), overtaking output by top exporter Saudi Arabia.  U.S. production is expected to rise above 11 million bpd by late 2018, taking the top spot from Russia, according to the International Energy Agency (IEA). Rising output, as well as seasonally low demand, mean that U.S. crude inventories rose by 1.2 million barrels in the week to March 9, to 428 million barrels, the American Petroleum Institute said on Tuesday.