Oil falls after record production swells U.S. inventory
Oil prices fell on Thursday after official U.S. crude and gasoline stocks rose against expectations as production hit a record thus extending losses from previous sessions.
Brent crude futures were down 0.3% or 18 cents to $63.88 a barrel by 0517 GMT, dropping down 0.3% on Wednesday.
U.S. West Texas Intermediate crude fell 0.4% or 24 cents to $57.87 after falling 0.5% in the previous session.
The Energy Information Administration said that Crude stockpiles in the United States swelled by 1.6 million barrels last week as production touched a record high of 12.9 million barrels per day in contrast to a forecast of a drop of 418,000 barrels.
More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain.
"Stubbornly high U.S. crude inventories have seen oil prices ease in Asia today," said Jeffrey Halley, senior market analyst at OANDA. But "dips ... are likely to be limited for now, as the U.S. holiday mutes activity," he added.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...