Petroleum prices slid on Thursday after data showed U.S. crude stockpiles unexpectedly rose last week, stoking concern about a sluggish recovery in fuel demand as coronavirus cases continue to surge in many countries.
U.S. West Texas Intermediate crude futures fell 49 cents, or 1.3%, to $37.57 U.S. a barrel, after climbing 3.5% on Wednesday.
Brent crude futures dropped 37 cents, or 0.96% to $40.39 U.S. a barrel, after rising 2.5% on Wednesday.
The oil market is under pressure on the prospect of both subdued demand and rising supply. The U.S. Energy Information Administration will release official weekly inventory data later on Thursday, a day later than normal following this week’s Labor Day holiday.
Data released by the American Petroleum Institute Wednesday showed that, with coronavirus cases rising in several U.S. states, the country’s crude stockpiles rose by three million barrels in the week to September 4. That compared with analysts’ forecasts of a draw of 1.4 million barrels.
