Oil Updates – prices slip after large US crude stock build

Oil Updates – prices slip after large US crude stock build

SINGAPORE: Oil prices fell on Thursday after a larger-than-expected jump in US crude inventories, raising concerns about demand in the world’s largest economy and top oil consuming nation, according to Reuters.

Brent crude futures fell 34 cents, or 0.4 percent, to $81.26 a barrel at 6:37 a.m. Saudi time, while US West Texas Intermediate crude futures declined 38 cents, or 0.5 percent, to $76.26 a barrel.

Both contracts lost more than $1 a barrel on Wednesday, pressured by the rise in US crude inventories, as refining dropped to its lowest levels since December 2022. Oil Updates - prices slip after large US crude stock build