Xinhua, New York :
Oil prices finished with significant losses on Thursday, pressured by fears of waning fuel demand.
The West Texas Intermediate for August delivery fell 1.48 U.S. dollars to settle at 55.30 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery dropped 1.73 dollars to close at 61.93 dollars a barrel on the London ICE Futures Exchange.
“The renewed downturn was triggered by the U.S. inventory data, a steep rise in oil product stocks weighing on prices,” Commerzbank analyst Carsten Fritsch said in a note.
According to the Weekly Petroleum Status Report released by the U.S. Energy Information Administration on Wednesday, total motor gasoline inventories increased by 3.6 million barrels and distillate fuel inventories increased by 5.7 million barrels in the week ending July 12.
Oil prices finished with significant losses on Thursday, pressured by fears of waning fuel demand.
The West Texas Intermediate for August delivery fell 1.48 U.S. dollars to settle at 55.30 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery dropped 1.73 dollars to close at 61.93 dollars a barrel on the London ICE Futures Exchange.
“The renewed downturn was triggered by the U.S. inventory data, a steep rise in oil product stocks weighing on prices,” Commerzbank analyst Carsten Fritsch said in a note.
According to the Weekly Petroleum Status Report released by the U.S. Energy Information Administration on Wednesday, total motor gasoline inventories increased by 3.6 million barrels and distillate fuel inventories increased by 5.7 million barrels in the week ending July 12.
