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Oil dropped for a second day after a bigger-than-expected build in U.S. crude inventories worsened sentiment in a market already nervous about the potential for a second coronavirus wave in China.
Futures in New York fell toward $37 a barrel after dropping 1.1% on Wednesday. American stockpiles swelled by more than 1.2 million barrels last week, the Energy Information Administration said, suggesting demand isn't recovering as quickly as anticipated. Gasoline inventories shrunk, however, reflecting a slight pickup in consumption as the summer driving season gets underway.
West Texas Intermediate for July delivery fell 1.7% to $37.33 a barrel on the New York Mercantile Exchange as of 8:18 a.m in Singapore. Brent for August settlement declined 1.3% to $40.20 on the ICE Futures Europe exchange after dropping 0.6% on Wednesday.
Source : Bloomberg