WTI oil prices declined by 1.2 percent on Wednesday to close at $50.2 per barrel after OPEC reported another monthly hike in output and extended losses in post-settlement trade as industry data suggested the first U.S. crude inventory build in six weeks.The Organization of the Petroleum Exporting Countries (OPEC) said its production rose in September to the highest in at least eight years. It also forecast a rise in 2017 non-OPEC supply. OPEC's September report showed that it produced 33.39 million barrels per day, up 220,000 bpd from August, and as much as 890,000 bpd above the new supply target.The American Petroleum Institute (API), a trade group, that U.S. crude stockpiles rose by 2.7 million barrels in the week to Oct. 7.On the MCX, oil prices declined by 1.2 percent to close at Rs.50.2 per barrel.
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