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Oil Prices Drop On Supply Worries

Oil prices fell on Thursday to extend losses from the previous session after data showed an unexpected weekly increase in crude oil inventories. The Thanksgiving holiday in the United States also kept investors on the sidelines.

Benchmark Brent crude declined 0.65 percent to $62.60 a barrel, after having dropped 0.3 percent the previous day. U.S. West Texas Intermediate crude futures were down 0.7 percent at $57.71, after having fallen half a percent on Wednesday.

The inventory report from the Energy Information Administration showed that crude oil inventories rose by 1.6 million barrels in the week ended November 22nd compared to economist estimates for a decrease of about 0.3 million barrels.

Gasoline inventories also surged up by 5.1 million barrels during the week, while distillate fuel inventories increased by 0.7 million barrels.

Meanwhile, U.S. President Donald Trump signed a legislation supporting Hong Kong protesters, casting fresh doubts about whether the United States and China will seal a preliminary trade deal.

Trump on Wednesday signed a legislation into law that requires the State Department to certify, at least annually, that Hong Kong retains enough autonomy to justify favorable U.S. trading terms.

China reiterated its retaliation threat and said the Hong Kong Human Rights Democracy Act seriously interferes in the internal affairs of China violating international laws and basic principles of foreign relations.

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