Oil Extends Losses As Other Markets Fall, Inventories Rise


Oil Extends Losses As Other Markets Fall, Inventories Rise

Oil dropped on Thursday to extend big losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing US crude inventories had risen more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused injuries and widespread destruction.

Brent crude futures were down 66 cents, or 0.8 percent, at $82.43 a barrel by 0024 GMT. The global oil benchmark closed 2.2 percent lower on Wednesday after falling to a nearly two-week low.

US West Texas Intermediate (WTI) crude futures were down 57 cents, or 0.8 percent, at $72.60 after dropping 2.4 percent in the previous session. Read more

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