Oil extend losses into 3rd day on U.S. stock build, pandemic fears | Reuters

Oil extend losses into 3rd day on U.S. stock build, pandemic fears | Reuters

Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled.

Brent crude futures fell 18 cents, or 0.3%, to $65.14 a barrel by 0721 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.3%, at $61.18 a barrel, after losing $1.32 on Wednesday.

Both contracts dropped more than 2% on Wednesday, closing at their lowest since April 13. They are down about 3% so far this week.

U.S. crude oil stockpiles unexpectedly edged higher in the week ended on April 16, the Energy Information Administration said on Wednesday, with the inventories rising by 594,000 barrels, against analysts’ expectations in a Reuters poll for a 3 million-barrel drop.