Oil moves lower, trades around $103 per barrel
U.S. crude inventories rose by more than 9 million barrels last week
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Oil futures traded lower Thursday morning as traders weighed a larger-than-expected build in U.S. oil inventories against tightening global supply.
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U.S. West Texas Intermediate futures were off 58 cents to $103.66 a barrel.
Brent futures were down 60 cents at $108.17 a barrel.
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Both contracts on Wednesday finished the day about 4% higher. The jump in prices came as worries of more disruptions to global supply continued to rattle the market, according to Reuters.
Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery. Picture taken with a drone. (REUTERS/Bing Guan / Reuters Photos)
U.S. crude inventories rose by more than 9 million barrels last week, according to the U.S. Energy Information Administration.
The gain was boosted in part by releases from the nation's strategic reserves.
U.S. gasoline stocks fell 3.6 million barrels last week, far above anticipated levels, and distillate inventories also declined.
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The International Energy Agency warned that from May onwards, roughly 3 million barrels per day of Russian oil could be shut-in due to sanctions or voluntary embargoes.