Crude prices for future contracts dropped on Thursday after data revealed an unexpected oil inventory build-up in the United States, which reached 467.6 million million barrels last week.
The US Energy Information Administration (EIA) said that the stockpiles increased by 5 million barrels, with the steep rise in crude oil inventories seemingly fueling concerns about weakening commodity demand in the country.
West Texas Intermediate (WTI) for June deliveries fell 0.89% to sell at $72.18 per barrel at 10:52 am ET. Brent for July settlements dipped 0.95% to $76.21 per barrel.
