Oil prices declined on Thursday ahead of monthly report from OPEC and as inventory data in the United States showed a rise in gasoline stocks, indicating weaker-than-expected fuel demand at the start of summer season.
The international benchmark Brent crude was trading down 0.8% at $71.68 per barrel, at 9.00 am Makkah time.
WTI crude fell 0.7% to $69.47 per barrel.
“Markets had been optimistic on demand as the US enters the peak summer driving season,” Reuters reported, citing a note from ANZ Research.
However, the latest data highlights it won’t be a smooth road back to recovery, it added.
The Organization of the Petroleum Exporting Countries (OPEC) is expected to release its monthly oil report later this week.
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