NNA - Oil prices settled lower on Thursday after U.S. President Donald Trump repeated a pledge to raise U.S. oil production, unnerving traders a day after the country reported a much bigger-than-anticipated jump in crude stockpiles.

Brent crude futures fell 32 cents, or 0.4%, to settle at $74.29 a barrel. U.S. West Texas Intermediate crude fell 42 cents, or 0.6%, to $70.61.

On Thursday, Trump repeated a pledge to boost U.S. production, already the highest in the world, in a bid to lower oil prices and ease consumer inflation.

Oil prices gave up early gains after Trump's comments. Still, analysts have questioned whether U.S. oil producers will be willing to pump more barrels in the current market.

"There is no indication of accelerating U.S. drilling activity," UBS analyst Giovanni Staunovo said, noting he was surprised by the market reaction to Trump's comments.

Oil prices were also under pressure from swelling U.S. crude inventories. Benchmarks fell 2% on Wednesday after U.S. government data showed domestic crude stockpiles rose by 8.7 million barrels last week, well above analysts' expectations of a 2 million-barrel increase. [EIA/S]

Macquarie analysts said they expect another large build in U.S. crude stocks this week.--Reuters 

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