OIL fell for a second day after data showed US crude inventories rose by the most since November, keeping benchmarks in this year’s narrow range.
Brent crude declined toward $81 a barrel after dropping 1.4% on Wednesday, while West Texas Intermediate approached $76.
Nationwide stockpiles expanded by a greater-than-expected 12 million barrels last week, with holdings at the closely watched Cushing, Oklahoma, oil storage hub also gaining. Still, stockpiles of diesel and gasoline fell amid refinery outages.
“Markets were shocked by the quantum of the increase” in crude inventories, said Han Zhong Liang, investment strategist at Standard Chartered Plc. – bbc.com