Oil prices fell on Thursday after industry data showed a large unexpected increase in U.S. crude stocks for a second week, heightening concerns of a drop in fuel demand.
U.S. West Texas Intermediate crude futures declined by 86 cents, or 1.1%, to $78.62 a barrel at 0109 GMT, while Brent crude futures fell 73 cents, or 0.9%, to $84.25 a barrel, extending losses of around 1% from Wednesday.
"This raised the spectre of a recession, with risk appetite suffering as a consequence," ANZ Research analysts said in a client note. Nine analysts polled by Reuters had estimated on average that crude inventories fell by about 600,000 barrels.On a bullish note, however, distillate stockpiles, which include diesel and heating oil, fell by about 1.8 million barrels against analysts' expectations for a 120,000-barrel increase.
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