A Petrobras oil platform floats within the Atlantic Ocean close to Guanabara Bay in Rio de Janeiro.
Getty Photographs
Oil costs dropped on Thursday, extending falls from the earlier session amid surging U.S. crude inventories and weak demand from refineries.
Brent crude futures, the worldwide benchmark for oil costs, had been at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 p.c, from their final shut.
U.S. West Texas Intermediate (WTI) crude futures had been down by 31 cents, or 0.5 p.c, at $61.11 per barrel.
Crude futures already fell by round 2 p.c the day past.
“Rising inventories and a slowdown with refined product demand may counsel we may see additional strain (on costs),” stated Edward Moya, senior analyst at futures brokerage OANDA.
U.S. crude oil inventories rose final week, hitting their highest ranges since July 2017, attributable to weak refinery demand, the Power Data Administration stated on Wednesday.
Industrial U.S. crude inventories rose by 4.7 million barrels in…
