Oil drops on 3rd day amid U.S. stock build, rising COVID-19 cases
Oil prices dropped for a third day on Thursday as a sudden build in U.S. crude stockpile and a surge in COVID-19 cases in India and Japan raised worries that a global economic and fuel demand recovery may be slow.
Brent crude futures lost 0.9%, or 57 cents, at $64.75 per barrel, following a $1.25 decline on Wednesday. U.S. West Texas Intermediate crude futures dropped 1.0%, or 58 cents, at $60.77 per barrel, after sliding $1.32 on Wednesday.
Both contracts fell over 2% on Wednesday, closing at their lowest since April 13. They are down over 3% so far in the week.
U.S. crude oil inventories rose higher in the week ended April 16. Meanwhile, India posted another record increase in its daily COVID-19 death toll. Japan is considering implementing a state of emergency for Tokyo and Osaka as new infections surge.
OPEC and its allies including Russia are set to meet next week to discuss major policy changes.