Oil prices fell in early trade on Thursday after U.S. crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns.
The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+.
U.S. West Texas Intermediate (WTI) crude futures fell as much as 5% to a low of $31.14 and were down 3%, or 97 cents, at $31.84 at 0019 GMT.
Brent crude futures last traded down 2.3%, or 78 cents, at $33.96.
Source : Reuters