Oil slides as US crude, gasoline, oil inventories rise more than expected

Topics Oil prices sink | Russia | OPEC


Oil prices fell in early trade on Thursday after US crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russia's commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+.

US West Texas Intermediate (WTI) crude futures fell as much as 5% to a low of $31.14 and were down.

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