Oil falls for fifth day as U.S. crude inventories rise

18.03.2021 - Petr Mazaylo
Oil falls for fifth day as U.S. crude inventories rise

Oil prices fell for a fifth consecutive day on Thursday after U.S. crude and fuel stockpiles rose, while the coronavirus pandemic clouded demand outlook.

Brent fell 0.5%, or 37 cents, at $67.63 per barrel following a 0.6% drop in the last session. U.S. oil lost 0.5%, or 32 cents, at $64.28 per barrel after sliding 0.3% on Wednesday. 

U.S. crude stocks rose for a fourth consecutive week on Wednesday following a severe winter storm that shut down refineries in the south.

U.S. crude stocks rose by 2.4 million barrels last week, according to the EIA. gasoline and diesel inventories rose against expectations.

Meanwhile, the prospect of additional restrictions to contain the COVID-19 pandemic is tempering the demand outlook.

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