Oil Futures Fall as U.S. Crude Builds, Jobless Rise

Oil Futures Fall as U.S. Crude Builds,

DAVENPORT, FL (DTN) — Oil prices fell Thursday following U.S. inventory data showing a rise in crude oil stocks and a report of higher than expected unemployment claims.

NYMEX-traded WTI for September delivery declined $0.49 to $63.48 bbl, while ICE Brent for October delivery dropped $0.49 to $66.99 bbl. October RBOB gasoline futures edged up $0.0025 to $2.0095 gal, and the front-month ULSD contract fell $0.0302 to $2.3307 gal. The U.S. dollar index strengthened 0.225 points to 98.285.

The Energy Information Administration reported inventory data a day later than usual due to the U.S. Labor Day holiday on Monday and reported a build of 2.4 million bbl to 420.7 million bbl last week.

Initial jobless claims increased by 8,000 to 237,000 for the week ending August 30, with the four-week moving average rising 2,500 to 231,000, according to the Department of Labor.

Market focus now shifts to OPEC+, which is scheduled to hold an online meeting Sunday to decide on oil output levels for October.