Oil prices extend losses on U.S. stock build, virus fears - Reuters

Oil prices extend losses on U.S. stock build, virus fears - Reuters:

Oil prices slipped further on Thursday after tumbling more than 5% in the previous session, as a record build in U.S. crude inventories and a rapid resurgence in COVID-19 cases cast doubts on a recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.7%, to $37.75 per barrel at 0640 GMT, after dropping $2.36 on Wednesday. 


Brent crude futures fell 31 cents, or 0.8%, to $40.00 per barrel after falling $2.32 on Wednesday. A day earlier, the benchmark contract hit its highest price since early March, just before pandemic lockdowns and a Saudi-Russian price war slammed markets.

“Prices retreated after the EIA data signalled an inventory build much higher than expected,” said Avtar Sandu, senior commodities manager at Singapore-based brokerage Phillip Futures.