Crude futures reversed course on Thursday after U.S. data showed gasoline inventories rose unexpectedly last week, overshadowing a bullish drawdown in crude.
Data released Thursday by the U.S. Energy Information Administration (EIA) revealed crude inventories fell more than expected last week as refining runs increased, while gasoline and distillate inventories rose.
The EIA reported stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose by 549,000 barrels.
U.S. West Texas Intermediate (WTI) crude futures fell 95 cents to $67.77 U.S. a barrel, a loss of 1.4%. Brent crude futures lost 63 cents to $76.64 a barrel, a 0.8% loss.
Earlier in the session, both contracts had traded higher, encouraged by a weaker dollar and evidence of strong U.S. fuel demand.
Emerging market stocks, bonds and currencies have plunged in recent weeks in response to financial crises in places like Turkey, South Africa and Venezuela.
The market is already preparing for the loss of at least one million barrels per day (bpd) in Iranian crude supplies from early November, when U.S. sanctions against Tehran come into force. The oil price has risen by 3% since the Trump administration announced the sanctions in May.
The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday said it expected global oil demand to break through 100 million bpd for the first time this year.
Related Stories
