An oil pump is seen at sunset outside Vaudoy-en-BrieMore
18 July, 2019, 10:26
Brent crude futures were down 82 cents at $63.53 a barrel and U.S West Texas Intermediate (WTI) crude futures fell 99 cents $56.63 a barrel.
Oil futures fell on Wednesday, extending a more than 3% drop in prices the previous session, after US government data showed large builds in refined product stockpiles.
Oil prices rose on Wednesday after steep losses in the previous session, as Barry weakened to a tropical depression and U.S. Secretary of State Mike Pompeo said Iran was prepared to negotiate about its missile program.
Barry, which came ashore on Saturday in central Louisiana as a Category 1 hurricane, prompted oil companies to shut almost 74 percent of production at U.S. Gulf of Mexico platforms ahead of the storm, the U.S. offshore drilling regulator said.
The Energy Information Administrationreported a modest oil inventory draw of 3.1 million barrels for the week to July 12, confirming and even exceeding the American Petroleum Institute's Tuesday estimate of a small 1.401-million-barrel draw.
Oil prices have fallen this week as worries over a Middle East conflict have eased, oil production in the Gulf of Mexico has resumed after a storm and worries have emerged over Chinese economic growth.