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Gulf Today Report
Oil prices declined on Thursday after official data indicated an increase in US crude and fuel inventories.
Brent crude was down 37 cents, or 0.5%, at $67.63 a barrel by 05:35 GMT while US oil was also down 32 cents, or 0.5%, at $64.28 a barrel, having fallen 0.3% the previous session.
According to data, US crude inventories increased for four straight weeks after refineries closed due to bad weather.
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Last week, the US crude inventories increased by 2.4 million barrels, the US Energy Information Administration (EIA) said on Wednesday.
According to ING, "refiners continue to bring back capacity after the freezing conditions in February."
However, the slow-paced of vaccination programmes and the prospect of restrictions has capped demand.
US West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a barrel by 05:52 GMT while Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel.
Brent crude was down 60 cents, or 0.9%, at $63.93 a barrel by 01:36 GMT while US oil was off by 68 cents, or 1.1%, at $60.74 a barrel.
US West Texas Intermediate (WTI) crude futures for May delivery fell 62 cents, or 1%, to $60.94 a barrel at 01:49 GMT while Brent crude futures for May dropped by 68 cents, or 1.1% to $63.94, erasing a 9 cent gain in the previous session.
Brent crude fell 2 cents, or less than 0.1%, to $67.50 a barrel by 09:43 GMT while US West Texas Intermediate crude rose 11 cents, or 0.2%, at $64.12 a barrel.
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Economic progression happens where businesses are making massive transactions to further trade of good ad services. Kashif Ansari, CEO Juwai IQI speaking to Gulf Today exclusively from Kuala Lumpur shared his thoughts that with global economy opening, investors and travellers.