Oil prices dropped on Thursday, extending losses into a second consecutive session, following a surprise build in U.S. crude inventories.
International Brent crude oil futures were at $67.56 a barrel at 0748 GMT, down 27 cents, or 0.4 percent, from their last close. Brent closed down 0.2 percent on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures were at $59.09 per barrel, down 32 cents, or 0.5 percent, from their last settlement. WTI fell 0.9 percent on Wednesday.
Prices came under pressure from a rise in U.S. inventories, although analysts pointed to support from efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, to trim output.
“Today’s fall does not derail the short-term bullish argument that both the OPEC+ production cuts and supply outages will outweigh the global growth concerns and rising U.S. production,” said Edward Moya, senior market analyst, OANDA
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