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Oil Futures Settle Lower On Demand Concerns

Oil futures slid on Thursday, losing ground for a second straight session on concerns about outlook for energy demand amid rising possibility of a recession.

Data from American Petroleum Institute that showed a sharp increase in crude inventories in the U.S., and the Biden administration's push for a series of measures to address high gasoline prices weighed as well on oil prices.

West Texas Intermediate Crude oil futures for August ended lower by $1.92 or about 1.8% at $104.27 a barrel, the lowest settlement since May 10.

Brent crude futures settled at $110.05 a barrel today, down $1.69 or about 1.5% from the previous close.

Inventory data from the U.S. Energy Information Administration, scheduled to be released today, has been delayed tue to technical issues. The report is unlikely to be published until next week, according to the agency.

According to the latest data from the American Petroleum Institute, crude oil inventories in the U.S. rose by 5.6 million barrels for the week ended June 17, as against expectations of a draw of 1.433 million barrels.

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