2024-02-15T04:47:04+00:00
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/ Oil prices fell in early trading on Thursday after data showed that US crude inventories increased more than expected, raising concerns about demand in the world’s largest economy.
By 01:35 GMT, Brent crude futures were down 34 cents, or 0.4 percent, at $81.26 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.5 percent, to $76.28 a barrel.
Both benchmarks lost more than $1 a barrel on Wednesday as U.S. crude inventories rose as refining fell to its lowest levels since December 2022.
The Energy Information Administration said U.S. crude inventories jumped 12 million barrels to 439.5 million barrels in the week to Feb. 9, far exceeding analysts’ expectations in a Reuters poll for a 2.6 million-barrel increase.
However, the Energy Information Administration data showed that gasoline and distillate stockpiles fell more than expected. Gasoline stockpiles fell by 3.7 million barrels to 247.3 million barrels, compared with expectations for a decrease of 1.2 million barrels.
Distillate stocks fell 1.9 million barrels to 125.7 million barrels, compared with expectations for a 1.6 million barrel decrease.
On supplies, Kazakhstan said it would cut oil output after a January oversupply over the next four months, in line with its OPEC+ commitments.
Iraq also announced that it will review its oil production and address any excess production beyond its voluntary OPEC+ cuts in the next four months, if any.