Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the demand outlook.
World shares made it four days in the red in the last five as concerns grew the China-U.S. trade conflict was fast turning into a technology cold war between the world’s two largest economies.
Brent crude futures, the international benchmark for oil prices, were at $69.77 per barrel at 1016 GMT, down $1.22 from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down by $1.09 cents at $60.33 per barrel, after falling 2.5% the previous day.
Brent is set for its biggest weekly fall in six months and WTI in 15 weeks.
Source : Reuters