US crude oil inventories hit 12.2-million bpd, their highest levels since July 2017, meaning Opec is likely to keep its supply cuts in place
London — Oil prices dropped on Thursday, extending falls from the previous session amid surging US crude inventories as ample supply and weak refinery data weighed on demand.
Industry data had also shown a surge in US crude stockpiles. Commercial US crude inventories rose by 4.7-million barrels in the week ended May 17, to 476.8-million barrels, the EIA data showed. Beyond weak refinery demand for feedstock crude oil, the increase also came on the back of planned sales of US strategic petroleum reserves into the commercial market.
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