Oil drops as U.S. inventory build, record output rekindles supply worries

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Brent crude futures were down 16 cents, or 0.3%, at $63.90 a barrel by 0141 GMT.

TOKYO - Oil prices fell on Thursday, extending losses from the previous session after official data showed U.S. crude and gasoline stocks rose against expectations and production hit a record.

U.S. West Texas Intermediate crude fell 21 cents, or 0.4%, to $57.90, after falling 0.5% in the previous session. More bearish was a 5.1 million-barrel rise in gasoline stocks, compared with forecasts for a 1.2 million-barrel gain. “The stock data overshadowed other supply-side issues and a general pick-up in sentiment regarding the U.S.-China trade deal,” ANZ Research said in a note.

 

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