Oil prices drop for fifth straight day after US inventories rise
Oil prices dropped for a fifth straight 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 37 cents, or 0.5%, at $67.63 a barrel by 0535 GMT after dropping 0.6% on Wednesday. U.S. oil was also down 32 cents, or 0.5%, at $64.28 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 decline had raised hopes the run of gains might have stopped.
