WASHINGTON (dpa-AFX) - Oil extended losses for a third straight session on Thursday as a surprise inventory build rekindled worries about an oversupplied market and investors eyed renewed Iran-U.S. nuclear talks.
Benchmark Brent crude futures fell 1.1 percent to $64.17 a barrel in European trade while WTI crude futures were down 0.9 percent at $60.99.
Unexpected increases in U.S. crude and fuel inventories raised concerns about demand from the world's largest oil consumer.
The Energy Information Administration (EIA) reported that crude oil inventories in the U.S. unexpectedly increased in the week ended May 16th.
The EIA said crude oil inventories rose by 1.3 million barrels last week after jumping by 3.5 million barrels in the previous week. Economists had expected crude oil inventories to fall by 1.9 million barrels.
Gasoline inventories also edged up by 0.8 million barrels last week while distillate fuel inventories, which include heating oil and diesel, crept up by 0.6 million barrels.
Oil prices were also impacted by concerns about Washington's ballooning deficit and upcoming U.S.-Iran negotiations and the potential easing of sanctions.
The fifth round of Iran-U.S. talks over Tehran's nuclear program will take place in Rome on Friday, Oman's Foreign Minister Badr Albusaidi announced in a brief statement.
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