Oil Prices Extend Decline On Trade Worries

Oil Prices Extend Decline On Trade Worries

Oil prices extended declines on Thursday, with rising U.S. inventories and higher output from OPEC and Russia weighing on the market.

October Brent crude futures were down about 47 cents or 0.65 percent at $71.94 a barrel while U.S. crude futures were down 0.8 percent at &67.13 a barrel, adding to losses in the previous two sessions.

Data from the Energy Information Administration showed on Wednesday that U.S. commercial crude inventories jumped by 3.8 million barrels last week. Analysts had expected a drawdown of between 2.5 and 3 million barrels.

OPEC's July crude output increased last month as Saudi Arabia pumped near-record volumes.

Russian oil output rose by 150,000 barrels per day (bpd) in the month, surpassing the amount Moscow had promised following the OPEC and non-OPEC meeting in June.

Escalating trade tensions also put downward pressure on oil prices after the Trump administration said it plans to increase the proposed tariff on $200 billion of Chinese goods to 25 percent from 10 percent.

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