Oil futures fell by nearly $1 on Thursday, extending losses from the previous day, as a surprise jump in U.S. crude stocks weighed on the market along with fears of a recession that were heightened by disappointing U.S. retail sales and output data.
Still, Federal Reserve officials said interest ratesbeyond 5% even as inflation shows signs of having peaked and economic activity is slowing.
Adding to the pall, data from the American Petroleum Institute showed U.S. crude oil inventories rose by about 7.6 million barrels in the week ended Jan. 13, according to market sources. The API report was delayed by a day due to Monday's Martin Luther King Day public holiday in the United States. The government's Energy Information Administration will release its weekly inventory report on Thursday.
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