Oil prices continue to lose amid fears of declining demand


Amid concerns of decreasing demand from Asia and increasing supplies from the United States, oil prices continued their decline.

Brent crude futures dropped by 28 cents to $80.90 per barrel, and US West Texas Intermediate crude fell by 31 cents to $76.35 per barrel, both recording a decline of over 1.5% from the previous session.

According to the US Energy Information Administration, US crude inventories increased by 3.6 million barrels last week, reaching a total of 421.9 million barrels. This is significantly higher than the expected increase of 1.8 million barrels among analysts polled by Reuters.