Oil prices fell in early trade on Thursday after data showed larger-than-expected growth in U.S. crude inventories, raising concerns about slowing demand. Pressure has also been heightened by signs that U.S. interest rates may remain high for longer.
Brent crude futures fell 22 cents, or 0.3 percent, to $83.46 a barrel. U.S. West Texas Intermediate crude futures fell 30 cents, or 0.4 percent, to $78.24 a barrel. The Energy Information Administration reported a rise in U.S. crude oil inventories, while gasoline and distillate inventories fell as refineries operated below their seasonal minimum levels due to planned and unplanned stoppages.
Source (Al-Arabiya.net Website, Edited)
