Oil prices fall as U.S. gasoline stocks rise for fifth consecutive week
SINGAPORE (Reuters) – Oil prices fell on Thursday as gasoline inventories in the United States, the world’s largest oil consumer, rose for a fifth consecutive week although a draw in crude stockpiles helped to underpin prices.
Brent crude oil futures fell by 16 cents, or 0.2%, to $68.80 barrel by 0123 GMT, and U.S. West Texas Intermediate (WTI) crude futures dropped by 20 cents, or 0.3%, to $65.43 a barrel.
Both Brent and U.S. crude futures hit their highest since mid-March on Wednesday before retreating. The $70-per-barrel mark has acted as a barrier for the market since Brent broke just above that level in March, with investors unwilling to push oil higher as COVID-19 cases increase in parts of the world.
