Oil prices extend losses as global supply improves and OPEC output rises
Oil prices fell further on improved global supply, higher OPEC production, and a surge in China's crude imports, according to official data.
Key Takeaways
AIOil prices declined on Thursday, extending losses from the previous session amid signs of improved global supply and increased output from the Organization of the Petroleum Exporting Countries (OPEC).
Brent crude futures dropped 2.17% to $90.40 per barrel, while US West Texas Intermediate futures fell 1.75% to $85.10.
In China, official data released Thursday showed crude oil imports in October rose to their highest level since March, rebounding sharply after a previous decline.