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Refineries Reduce Demand Of Oil, US Stockpiles Results In Low Oil

Oil costs dropped on Thursday, extending falls from the earlier session amid surging US crude inventories and weak demand from refineries.

Brent crude futures, the global example for oil costs, had been at $70.62 per barrel at 1.09am GMT, down 37 cents, or 0.5%, from their final shut.

US West Texas Intermediate (WTI) crude futures have been down by 31 cents, or 0.5%, at $61.11 per barrel.

Crude futures had already fallen by about 2% the day before this.

“Rising inventories and a slowdown with refined product demand may counsel we might see additional stress [on prices],” stated Edward Moya, senior analyst at futures brokerage Oanda.

US crude oil inventories rose final week, hitting their highest ranges since July 2017, as a consequence of weak refinery demand, the Vitality Data Administration (EIA) mentioned on Wednesday.

Business US crude inventories rose by 4.7-million barrels within the week ended Might 17, to 476.eight-million barrels, their highest since July 2017, the EIA information confirmed.

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