Oil prices drop after recovering from surprise dip in U.S. inventories
Oil prices dropped on Thursday in Asia which overlooked gains following a surprise dip in U.S. inventories.
Oil prices rallied more than 1% overnight after the U.S. Energy Information Administration reported an unexpected 1.7-million-barrel crude inventory drop for the week compared to analysts’ expectations of a 2.2-million-barrel build.
However, oil erased its gains soon after.
Comments by Russian Energy Minister Alexander Novak said that no formal proposals have been put forward to change the terms of a global deal on curbing oil supplies which was agreed between OPEC and its allies.