Oil extends losses as markets fall, inventories climb

Brent crude futures were down 21 cents at $84.79 a barrel by 0434 GMT after a 1.3 percent gain on Tuesday

Brent crude futures were down 21 cents at $84.79 a barrel by 0434 GMT after a 1.3 percent gain on Tuesday

Crude oil prices continued to fall along with the stock market Thursday while President Donald Trump had strong words for countries that ignore US oil sanctions.

The Organization of the Petroleum Exporting Countries cut its forecast of global demand growth for oil next year for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.

Brent prices fell more than $1.83 to $81 a barrel in mid-day trading while WTI prices fell $1.54 to $71. They dropped 2.4 percent in the previous session.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

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Volumes for Brent are four times the average for the Asian timezone, while WTI contracts were about 75 percent above typical turnover, McCarthy said.

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"We will take care of them", Trump told reporters when asked about the decision of some countries like India and China to continue to purchase oil from Iran.

Crude inventories rose by 6 million barrels in the week to October 5, data from the Energy Information Administration showed on Thursday. "The large increase in overall crude oil inventories and a decent-sized increase at the Cushing, Oklahoma, delivery hub is a negative for prices, as it eases some of the supply crunch worries that have crept into the market", said John Kilduff, a partner at Again Capital Management in NY. Analysts had expected an increase of 2.6 million barrels.

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The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT (1430 GMT).

In the U.S. Gulf of Mexico, producers had cut output by 40 percent on Thursday due to Hurricane Michael, according to the Bureau of Safety and Environmental Enforcement (BSEE), even as some operators began returning crews to offshore platforms.

This story has been published from a wire agency feed without modifications to the text.

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