Oil prices were little changed on Thursday as markets weighed a rise in U.S. gasoline and distillate inventories and worries about slower economic growth amid concerns of supply tightness.
Brent crude futures for August dropped 25 cents, or 0.2%, to $116.01 a barrel in light trading as the August contract is set to expire on Thursday. The more-active September contract was at $112.18, down 27 cents, or 0.2%.
U.S. West Texas Intermediate (WTI) crude futures slid 19 cents, or 0.2%, to $109.58 a barrel.
Both contracts slid about 2% on Wednesday after The Energy Information Administration (EIA) said U.S. crude inventories fell last week even as production hit its highest level since April 2020 during the first wave of the coronavirus pandemic.
Fuel stocks rose as refiners ramped up activity, operating at 95% of capacity, the highest for this time of year in four years.
A stronger dollar also pressured prices as it makes oil more expensive for buyers using other currencies.
source of the news:reuters