Oil prices drop amid demand worries, rising U.S. inventories

2021-04-22 03:47

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NEW YORK, April 21 (Xinhua) -- Oil prices fell on Wednesday, weighed by lingering demand concerns and an unexpected build in U.S. crude stockpiles.

The West Texas Intermediate for June delivery lost 1.32 U.S. dollars to settle at 61.35 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased 1.25 dollars to close at 65.32 dollars a barrel on the London ICE Futures Exchange.

"There are growing concerns about demand in view of the continued sharp rise in the number of new coronavirus cases in major emerging economies such as India," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Wednesday.

Prices also came under pressure as data showed a surprise rise in U.S. supplies.

U.S. crude oil inventories increased by 0.6 million barrels during the week ending April 16, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

On average, analysts had expected the EIA to report a decline of 4.4 million barrels in crude inventories.
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