Following the Wednesday trading results, December Brent futures keeps sliding on London's ICE Futures reaching some $75.78/bbl on Thursday.
Prices for WTI also decreased. December futures on NYMEX moved down to $66.41/bbl after the previous strengthening to $66.82/bbl
Oil keeps getting lower in the second half of the week, with investors being focused on reserves reports from the USA.
According to the US Department of Energy, oil reserves rose by 6.346 million bbl over the past week, which means the increase for the fifth week already. Meanwhile, petroleum and distillates reserves dropped by 4.826 million bbl and 2.262 million bbl respectively.
As reported Reuters citing S&P Global Platts, the oil reserves were expected to add some 3.3 million bbl. At the same time, API forecast covered an increase of merchant oil reserves by 9.88 million bbl.
One of the market experts stated that the oil market feels pressure from stocks, as stock market slump can affect demand for oil, and thus oil quotes weaken. For reference, the US stock market has plunged lately with the key indexes losing 2.4-4.4%, which naturally made investors less interested in risks, in particular commodities.