Oil futures lost ground Thursday after data from a U.S. industry trade group showed a rise in crude inventories, raising questions over whether expectations for a sharp recovery in demand were overdone.
West Texas Intermediate crude for July delivery fell 28 cents, or 0.9%, to $32.53 a barrel on the New York Mercantile Exchange, while August Brent crude was off 20 cents, or 0.6%, at $36.25 a barrel on ICE Europe.
The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 8.7 million barrels for the week ended May 22, according to people familiar with the report. The API data also showed gasoline stockpiles edged up by 1.1 million barrels, while distillate inventories climbed by 6.9 million barrels. However, crude stocks at the Cushing, Oklahoma, delivery hub fell by 3.4 million barrels for the week, sources said.
Source : Marketwatch