On Wednesday, crude prices dipped to extend drops from the previous day, as a massive surge in American fuel inventories as well as a tumble in Chinese demand implied that global crude markets remain oversupplied notwithstanding OPEC-led efforts to reduce output.
International Brent crude futures LCOc1 hit 54.54 per barrel, declining 0.9% from their previous close. American West Texas Intermediate crude futures CLc1 reached $51.52 a barrel, sliding 1.3%.
These descends arose after over 1-% dips the previous day.
The steep dips came on the back of unexpectedly huge leaps in American fuel inventories, as disclosed by the American Petroleum Institute on Tuesday.
Crude inventories ascended by 14.2 million barrels by February 3 to 503.6 million barrels, compared with experts’ expectations for a 2.5 million barrels increase.
Gasoline shares grew by 2.9 million barrels, compared with hopes for a 1.1-million barrel gain.
