Oil prices eased in early trade on Thursday after a data showed that U.S. crude inventories jumped much more than expected, raising concerns about demand in the world’s largest economy. Brent crude futures fell 34 cents, or 0.4%, to $81.26 a barrel at 0135 GMT, while U.S. West Texas Intermediate crude futures declined 36 cents, or 0.5%, to $76.28 a barrel.
Both contracts lost more than $1 a barrel on Wednesday, pressured by the rise in U.S. crude inventories, as refining dropped to its lowest levels since December 2022.The Energy Information Administration (EIA) said U.S. crude inventories jumped by 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 rise.
