Crude oil price falls for fifth straight day amid rising US stockpile
TOKYO: Oil prices dropped for a fifth day on Thursday after official data showed a sustained rise in U.S. crude and fuel inventories, while the ever-present pandemic clouded the demand outlook.
Brent crude was down 12 cents, or 0.2%, at $67.88 a barrel by 0119 GMT after dropping by 0.6% on Wednesday. U.S. oil was also down 12 cents, or 0.2%, at $64.48 a barrel, having fallen 0.3% the previous session.
Government data on Wednesday showed U.S. crude inventories have risen for four straight weeks after refineries in the south were forced to shut due to severe cold weather. An industry report estimating a 1 million barrel-drop had raised hopes the run of gains might have stopped.
