Oil's decline continues as inventories rise, demand recovery clouded | Reuters

Oil's decline continues as inventories rise, demand recovery clouded | Reuters

Oil prices declined for a fifth consecutive session on Thursday falling around 1% after official data showed a further increase in U.S. crude and fuel inventories, while the ever-present pandemic clouded the prospects for a demand recovery.

Brent crude was down 74 cents, or 1.1%, at $67.26 a barrel by 0745 GMT after dropping 0.6% on Wednesday. U.S. oil was also down 65 cents, or 1%, at $63.95 a barrel, having fallen 0.3% the previous session. Both contracts are down around 3% over the last five days of declines.

Government 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.