Sharjah24 – Reuters: Oil prices dropped for a second session on Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs.
U.S. crude slid 0.67%, or 52 cents, to $76.91 a barrel by 0649 GMT, after the market climbed on Wednesday to $79.78, the highest since November 2014. Brent crude lost 0.1%, or 8 cents, to $81.00 a barrel.
"Commercial stockpiles of crude rose ... last week, according to EIA data," ANZ said in a note. "Stockpiles of gasoline also surged, raising concerns of weaker demand."
U.S. crude inventories rose by 2.3 million barrels last week, the U.S. Energy Information Administration (EIA) said, against expectations for a modest dip of 418,000 barrels. Gasoline inventories also rose, while distillate inventories were down slightly. [EIA/S]
Global oil prices have jumped more than 50% this year, adding to inflationary pressure that could slow recovery from the COVID-19 pandemic and impact consumer demand. Natural gas and coal prices have also climbed.
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