Oil Continues Its Losses For The Third Day Due to The Increase in US stocks

Oil prices extended their losses for the third session Thursday, April 22nd, as a sudden increase in US crude stocks and a new spike in Covid-19 cases in India and Japan fueled concerns about the global economic recovery and that demand for fuel may falter.

Brent crude futures were down 20 cents, or 0.3%, to $65.12 a barrel, after dropping $ 1.25 on Wednesday.

US West Texas Intermediate crude futures fell 21 cents, or 0.3%, to $61.14 a barrel, after losing $1.32 on Wednesday.

The two decades fell more than 2% on Wednesday, to close at their lowest levels since April 13. They are down by about 3% since the beginning of this week.

The US Energy Information Administration said on Wednesday that crude oil inventories in the United States rose in the week ending April 16, as inventories increased by 594 thousand barrels per day, against analysts’ expectations in a Reuters poll for a decrease of 3 million barrels.