Economy

Oil dips amid economic concerns after U.S. fuel stocks build



Oil prices slipped on Thursday, paring earlier gains, weighed down by lingering worries about the global economy and bigger-than-expected builds in oil product inventories in the United States, the world’s biggest oil consumer.

 

Brent crude futures LCOc1 dropped 9 cents, or 0.2%, to $60.21 a barrel by 0440 GMT on Thursday.

 

West Texas Intermediate (WTI) crude CLc1 futures were down 2 cents at $55.66 per barrel.

 

“Oil markets continue to move lower after the gloomy surprise build in U.S. fuel inventories,” said Stephen Innes, managing partner at Valour Markets.

 

U.S. gasoline and distillate stockpiles rose more than expected last week, while crude inventories fell as refineries hiked...
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