Oil prices slid for a second consecutive session on Thursday as U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns.
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo
U.S. West Texas Intermediate crude futures were down 4.4%, or $1.44 at $31.37 a barrel at 0402 GMT after slipping as much as 5% to a low of $31.14 earlier in the session.“A surprise to consensus API inventory build and fear of Russia turning up production weighs on oil prices,” said Stephen Innes, chief global markets strategist at AxiCorp.
Data from U.S. industry group API showed crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts’ expectations for a draw of 1.9 million barrels. “It just indicates that demand recovery is progressing but it’s not strong enough yet to be really self-sustaining,” National Australia Bank’s head of commodity research, Lachlan Shaw said.
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