The rise in inventories comes as output returns to normal levels after Hurricane Ida
Tokyo — Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the US though prices seem to have stabilised after a recent run of gains.
US oil and fuel stockpiles increased last week, the US energy department’s Energy Information Administration said on Wednesday. But both contracts tilted into higher territory earlier in the session. After two days of price losses, oil bulls may also be looking for the next barrier to breach after Brent rose above $80 for the first time in about three years on Tuesday.The rise in inventories came as production in the US returned to around the levels they were at before Hurricane Ida hit about a month ago. Output rose to 11.1-million barrels a day last week.
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