WTI crude oil futures slipped toward $62.5 per barrel on Thursday, extending losses from the previous session amid renewed concerns about oversupply following a surprise build in US crude inventories.
EIA data showed a 3.454 million barrel increase in crude stockpiles last week, following industry data that also reported a large 4.3 million barrel build.
However, gasoline and distillate inventories declined by 1.022 million and 3.155 million barrels, respectively, ahead of the summer driving season.
Meanwhile, OPEC trimmed its forecast for oil supply growth from the US and other non-OPEC+ producers this year, lowering expectations to 800,000 bpd from a previous estimate of 900,000 bpd.
Still, the group’s plans to further increase output continued to weigh on oil prices.