Oil falls 3rd day on U.S. stock build, surging COVID-19 cases

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# 08:08
22 April 2021

Oil prices fell for a third day on Thursday as a surprise build in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised concerns that a recovery in global economy and fuel demand may slow, APA reports quoting Reuters.

Brent crude futures fell 57 cents, or 0.9%, to $64.75 a barrel by 0157 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 58 cents, or 1.0%, at $60.77 a barrel, after losing $1.32 on Wednesday.

Both contracts dropped more than 2% on Wednesday, closing at their lowest since April 13. They are down more than 3% so far this week.

U.S. crude oil stockpiles unexpectedly edged higher in the week ended on April 16, the Energy Information Administration said on Wednesday, confirming American Petroleum Institute data from the day before.

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