Oil prices were down on Thursday with a surprise increase in US crude oil stocks, signaling that oil demand could remain weak in the world’s largest oil-consuming nation.
CRUDE OIL INVENTORIES ROSE BY 5.7 MILLION BARRELS
International benchmark Brent crude was trading at $43.17 per barrel at 0626 GMT for a 0.28% decline after closing Wednesday at $43.29 a barrel.
American benchmark West Texas Intermediate (WTI) was at $40.74 a barrel at the same time for a 0.39% loss after ending the previous day at $40.90 per barrel.
Commercial crude oil inventories in the US rose by 5.7 million barrels for the week ending July 3. However, the market expectation was a decline of 3.1 million barrels.
On the demand side, the risks over a second wave of the novel coronavirus continue to keep the outlook for global oil demand weak, and this keeps downward pressure on crude prices.