WASHINGTON (dpa-AFX) - Oil prices fell on Thursday, extending losses from the previous session, as concerns about excess supply,and weak crude consumption in China weighed.
Prospect of possible disruption to supplies due an escalation in Middle East tensions limited the downside in oil prices.
Meanwhile, North Korea has allegedly sent troops to support Russia's war on Ukraine, marking a significant escalation in Russia's war against its neighbor.
'If they are co-belligerents, if their intention is to participate in this war on Russia's behalf, that is a very, very serious issue,' United States defense secretary Lloyd Austin said.
West Texas Intermediate Crude oil futures for December ended down $0.58 or about 0.8% at $70.19 a barrel.
Brent crude futures were down $0.43 or 0.57% at $74.53 a barrel a little while ago.
On Wednesday, data from the Energy Information Administration (EIA) said crude oil inventories jumped by 5.5 million barrels last week after slumping by 2.2 million barrels in the previous week.
The report also said gasoline inventories rose by 0.9 million barrels last week, while distillate fuel inventories, which include heating oil and diesel, decreased by 1.1 million barrels.
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