2021.03.1809:49:00UTC+00Oil Extends Losses As U.S. Inventories Rise

Oil prices fell for the fifth day running on Thursday after data showed another jump in U.S. crude stockpiles and the International Energy Agency (IEA) warned of delayed demand recovery.

Brent crude for May settlement fell 56 cents, or 0.8 percent, to $67.44 per barrel, while U.S. oil futures were down 55 cents, or 0.9 percent, at $64.05.

Data from the Energy Information Administration revealed that crude inventories in the U.S. rose by 2.396 million barrels in the week ended March 13.

U.S. crude inventories increased for the fourth consecutive week after refineries closed due to bad weather. However, the increase was less than what markets had expected.

Distillate stockpiles were up 255,000 barrels last week compared to expectations for a draw of about 3.4 million barrels, while gasoline inventories rose 472,000 barrels in the week versus expectations for a draw of about 3 million barrels.

Investors remain concerned over the outlook for energy demand as coronavirus vaccination efforts across Europe lagged significantly behind the U.S.

The International Energy Agency said in its monthly Oil Market Report that global energy demand is unlikely to return to pre-pandemic levels for another two years at least.