(Bloomberg) — Oil held a drop as a big jump in US crude inventories added to concerns about weakening demand.
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Brent for July traded near $84 a barrel after sliding more than 3% in the prior session, while West Texas Intermediate traded around $79. US crude stockpiles jumped 7.3 million barrels last week, the most since early February, according to data released by the Energy Information Administration.
Oil has lost more than 5% this week after last month soaring to the highest since October following Iran’s unprecedented attack on Israel. The declines follow signs of easing tensions in the Middle East — including the prospect of a historic pact between Washington and Riyadh that could reshape the region — and concerns over demand in fuel markets at the onset of the key US summer driving season.
On the supply side, OPEC has failed to complete its latest cutbacks, which have helped buoy oil prices. Iraq and the United Arab Emirates continue to pump several hundred thousand barrels a day above their agreed limits, according to a Bloomberg survey.
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