WASHINGTON (dpa-AFX) - Oil prices declined on Thursday to extend losses from the previous session amid fears that slowing global growth will undermine fuel demand.
Benchmark Brent crude futures fell 0.7 percent to $87.42 a barrel, while WTI crude futures were down 0.7 percent at $81.38.
New COVID-related lockdowns in China and expectations of interest rate hikes by major central banks weighed on oil prices.
The Chinese megacity of Chengdu extended a lockdown for a majority of its more than 21 million residents as the caseload remained elevated.
Worries about energy demand resurfaced after data from the American Institute of Petroleum showed that U.S. crude stockpiles unexpectedly rose last week.
U.S. crude inventories rose by 3.6 million barrels for the week ended Sept. 2, compared with expectations for a decline of about 733,000 barrels.
Gasoline inventories fell by 836,000 barrels last week, and distillate stocks decreased by 1.8 million barrels, the report showed.
The official government inventory report is due later in the session, a day later than usual due to Monday's Labour Day holiday.
U.S. crude production and petroleum demand will both rise in 2022, the U.S. Energy Information Administration (EIA) said in its monthly Short-Term Energy Outlook report released on Wednesday.
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