LONDON, Aug 13 Oil prices declined on Thursday as investors assessed prospects for weaker global demand this year and higher U.S. crude stocks, though prices found support from a lack of progress in talks over the blockaded Strait of Hormuz and disruptions to supply.
Brent futures were down $1.54, or 1.7%, at $87.44 a barrel by 1140 GMT, trimming gains accumulated over the previous six sessions
U.S. West Texas Intermediate (WTI) crude fell $1.61, or 1.9%, to $81.66 after advancing over the past five sessions. The large crude oil build in the U.S. last week is a headwind for prices, said UBS analyst Giovanni Staunovo, adding that the downside should be limited as long as flows through the Strait of Hormuz remain depressed.
U.S. commercial crude oil inventories made their largest weekly gain since January 2023 as exports slumped, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 17.4 million barrels to 424.4 million in the week ended August 7, their highest since June 5, the EIA said. A Reuters poll of analysts had predicted a draw of 1.4 million barrels.