Oil prices dropped for a fifth straight day on Thursday after official data showed a sustained rise in U.S. crude and fuel inventories, while the ever-present pandemic clouded the demand outlook.
Brent crude was down 37 cents, or 0.5%, at $67.63 a barrel by 0535 GMT after dropping 0.6% on Wednesday. U.S. oil was also down 32 cents, or 0.5%, at $64.28 a barrel, having fallen 0.3% the previous session, as reported by Reuters.
Read alsoSummer navigation: Lufthansa Group to triple flights from UkraineGovernment data on Wednesday showed U.S. crude inventories have risen for four straight weeks after refineries in the south were forced to shut due to severe cold weather. An industry report estimating a decline had raised hopes the run of gains might have stopped.
U.S. crude inventories increased by 2.4 million barrels last week, the U.S. Energy Information Administration (EIA) said on Wednesday. That was a day after the American Petroleum Institute (API) on Tuesday estimated a 1 million barrel-decline.
Stocks of gasoline and diesel increased against expectations among analysts for a decline.
More news reports
- EU-Ukraine Open Skies Agreement to be signed in late June – Infrastructure minister
- Germany insists on Nord Stream 2 completion despite objections from Washington – Reuters
- Reuters: Oil steady as demand worries counter surprise drop in U.S. crude stocks
- Ukrainian farmers reducing output of agricultural products