SULAIMANI (ESTA) — Oil prices extended losses on Wednesday after industry data showed U.S. crude oil stocks rose last week, defying expectations for a decline.
Brent crude futures dropped 75 cents to $49.33 a barrel at 0628 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 69 cents to $46.33 a barrel.
The American Petroleum Institute (API) reported crude inventories rose by 2.7 million barrels in the week to December 18, according to Reuters.
“Rubbing salt in the oil market wounds today, oil prices lurched lower after yet another inventory build that was very much bearish to consensus,” Reuetrs cited Axi chief market strategist Stephen Innes as saying.
Oil fell further after U.S. President Donald Trump threatened not to sign an $82 billion coronavirus relief bill, saying he wants Congress to increase the amount in the stimulus checks which lawmakers approved on Monday.
Coronavirus cases continued to surge in the United States, with more than a million new cases in just six days, and Americans were warned again to avoid travelling for Christmas, further dampening fuel demand.
