Oil prices dropped on Thursday, extending falls from the previous session amid s...
SINGAPORE - Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories and weak demand from refineries.
U.S. West Texas Intermediate crude futures were down by 31 cents, or 0.5 percent, at $61.11 per barrel.“Rising inventories and a slowdown with refined product demand could suggest we could see further pressure ,” said Edward Moya, senior analyst at futures brokerage OANDA. Beyond weak refinery demand for feedstock crude oil, the increase in commercial inventories also came on the back of planned sales of U.S. strategic petroleum reserves into the commercial market.
Countering these bearish price factors have been escalating political tensions between the United States and Iran, as well as ongoing supply cuts led by the Organization of the Petroleum Exporting Countries that started in January in an effort to prop up the market.
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