Oil losses deepen on U.S. stock build and 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 raised fears that a demand recovery could be stalled.
Brent crude futures fell 37 cents, or 0.57%, to $64.95 a barrel by 0904 GMT, having dropped by $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.57%, at $61 after losing $1.32 the previous day.
Both contracts had closed at their lowest since April 13 and are down about 3% this week.
U.S. crude oil stockpiles unexpectedly edged higher in the week to April 16, the Energy Information Administration said on Wednesday, with the inventories rising by 594,000 barrels. Analysts had expected a drop of 3 million barrels, a Reuters survey showed.
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