Oil slips on weaker demand outlook after US gasoline stocks build
Oil prices dropped in early trade on Thursday, adding to heavy losses overnight, after a build in US gasoline inventories pointed to a deteriorating outlook for fuel demand as coronavirus cases soar in North America and Europe.
US West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.7%, to $39.76 a barrel at 0127 GMT, after skidding 4% on Wednesday.
Brent crude futures retreated 21 cents, or 0.5%, to $41.52 a barrel after sliding 3.3% on Wednesday.
US gasoline stocks rose by 1.9 million barrels in the week to Oct. 16, the Energy Information Administration (EIA) said, compared with expectations for a 1.8 million-barrel drop.
