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Crude Oil Futures Settle Lower For 2nd Straight Day On Demand Worries

Crude oil futures finished lower on Thursday, extending losses from previous session, amid worries about outlook for energy demand due to surge in coronavirus cases in India and Japan.

Data from Energy Information Administration (EIA) on Wednesday, that showed a larger than expected drop in U.S. crude inventories last week, helped limit oil’s decline.

The easing of restrictions in several parts of Europe and the U.S. too provided some support to oil prices.

West Texas Intermediate Crude oil futures for June ended lower by $0.92 or about 1.4% at $64.71 a barrel.

Brent crude futures dropped by about $0.43 or 0.6% to $68.54 a barrel.

Data released by EIA on Wednesday showed crude oil inventories dropped by 7.99 million barrels last week, more than three times the expected decline.

Distillate stockpiles, which include diesel and heating oil, fell 2.896 million barrels in the week versus expectations for a draw of 1.12 million barrels, the EIA report revealed.

The material has been provided by InstaForex Company – www.instaforex.com