Energy

Oil drops as demand risk rises, U.S. stockpiles fall less than expected

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Oil pipeline and refinery.

Michael Krakowiak | Getty Images

Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected.

Brent crude was down 36 cents, or 0.8%, at $45.01 a barrel by 0442 GMT, having slipped 0.2% in the previous session.

U.S. oil was down 38 cents, or 0.9%, at $42.55 a barrel, after inching higher on Wednesday.

Stockpiles of crude in the United States fell for a fourth straight week, even as net imports rose. However, the 1.6 million barrel decline was less than a Reuters poll showing expectations for a 2.7 million barrel fall.

Stockpiles of crude in the…



Source cnbc.com

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