Oil prices fell on Thursday, extending declines into a fourth day, after official data showed U.S. stockpiles of products like gasoline rose sharply last week, suggesting weak demand during the peak driving season.
Brent crude futures were down 15 cents, or 0.2%, at $63.51 a barrel by 0044 GMT. They fell 1.1% on Wednesday. U.S West Texas Intermediate crude futures fell 26 cents, or 0.5%, to $56.52. The U.S. benchmark dropped 1.5% in the previous session.
While data on Wednesday from the U.S. Energy Information Administration showed a larger-than-expected drawdown in crude stockpiles last week, traders focussed on large builds in refined product inventories dragging prices down.
“Oil markets are very heavy under the weight of a counter-seasonal build in gasoline inventories, which is typically a harbinger of worse things to come,” said Stephen Innes, managing partner at Vanguard Markets. Read More
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