ANKARA – Oil prices went down on Thursday with a surprise increase in US crude oil stocks, signaling that oil demand could remain weak in the world's largest oil-consuming nation.
The international benchmark Brent crude was trading at USD43.17 per barrel at 0626 GMT for a 0.28-percent decline after closing Wednesday at USD43.29 a barrel.
The American benchmark West Texas Intermediate (WTI) was at USD40.74 a barrel at the same time for a 0.39-percent loss after ending the previous day at USD40.90 per barrel.
Commercial crude oil inventories in the US rose by 5.7 million barrels for the week ending July 3. However, the market expectation was a decline of 3.1 million barrels.
The surprise increase in crude inventories indicates that oil demand is likely to stay low for the world's largest oil consumer for at least the third quarter or possibly until the end of the year.
On the demand side, the risks over a second wave of the coronavirus disease (Covid-19) continue to keep the outlook for global oil demand weak, and this keeps downward pressure on crude prices.
The Covid-19 cases in the US climbed above three million on Wednesday, according to Johns Hopkins University.
The new cases in the worst coronavirus-hit country soared by one million in less than a month.
While the milestone of one million was reached approximately three months after the beginning of the outbreak, the second million was added only 45 days later. (Anadolu)
