Oil falls as surprise U.S. stock build douses demand recovery hopes

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Oil prices fell on Thursday after U.S. industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries ease coronavirus lockdowns.

The decline in oil benchmarks extended losses on Wednesday over uncertainty about Russia’s commitment to deep output cuts ahead of a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, a grouping dubbed OPEC+.

Brent crude futures were down 1.12%, or 39 cents at $34.35 per barrel, after dropping to as low as $33.62 in earlier trade.

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