MELBOURNE: Oil prices fell in early trade on Thursday after US crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns.
The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+.
US West Texas Intermediate (WTI) crude futures fell as much as 5 per cent to a low of $31.14 and were down 3 per cent, or 97 cents, at $31.84 at 0019 GMT.
