Oil prices slid on Thursday after data showed U.S. crude stockpiles unexpectedly rose last week, stoking concern about a sluggish recovery in fuel demand as coronavirus cases continue to surge in many countries.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 24 cents, or 0.63%, to $37.81 a barrel at 0417 GMT, after climbing 3.5% on Wednesday, as reported by Reuters.
Read alsoGlobal economy may face US$35 trln in losses over coronavirus – mediaBrent crude LCOc1 futures dropped 17 cents, or 0.42% to $40.62 a barrel, after rising 2.5% on Wednesday.
The oil market is under pressure on the prospect of both subdued demand and rising supply, ANZ analysts said in a note. The U.S. Energy Information Administration (EIA) will release official weekly inventory data later on Thursday, a day later than normal following this week's U.S. Labor Day holiday.
ANZ also said China's imports are likely to level off as 'teapot', or independent refineries, reach their maximum annual crude import quotas.
