London — Oil prices fell on Thursday after US industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries ease coronavirus lockdowns.
Brent crude futures were down 1.12%, or 39c at $34.35 a barrel, after dropping to as low as $33.62 in earlier trade. US West Texas Intermediate crude futures were down 1.52%, or 50c, at $32.31 a barrel at 9.45am GMT. The US futures slipped earlier as much as 5% to a low of $31.14.Energy Information Administration crude inventories will be monitored closely. That appears to be weighing on sentiment in Asia,” said Jeffrey Halley, senior market analyst at Oanda.
“Crude has been trying to break some resistance but the API number is keeping the price where it is,” Olivier Jakob of PetroMatrix consultancy said.
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