WASHINGTON (dpa-AFX) - Crude oil futures settled lower on Thursday, extending losses to a second straight day, weighed down by recent data that showed a sharp rise in U.S. crude inventories.
However, lingering concerns about global economy and OPEC-led output cuts and U.S. sanctions on Iran and Venezuela limited oil's decline.
West Texas Intermediate crude oil futures for May rose to a high of $62.99 a barrel, before settling at $62.10, losing $0.36.
On Wednesday, crude oil futures ended down $0.12, or 0.2%, at $62.46 a barrel.
Data released by the Energy Information Administration on Wednesday showed that crude inventory in the U.S. rose 7.24 million barrels in the week ended March 29, against expectations of a drop of over 0.4 million barrels. In the week ended March 22, stockpiles increased by 2.8 million barrels.
The EIA also said gasoline inventories dropped by 1.78 million barrels last week, higher than what was forecast. Meanwhile, distillate stockpiles dropped by 2 million barrels.
Meanwhile, on the trade front, U.S. President Donald Trump is expected to announce plans for summit meet with Chinese President Xi Jinping, after the conclusion of his meeting with Chinese Vice Premier Liu He today.
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