2020.09.1013:11:00UTC+00Crude Oil Futures Drift Lower

Crude oil prices are lower Thursday morning amid concerns about outlook for fuel demand after data from American Petroleum Institute showed a jump in U.S. crude stockpiles last week.

As coronavirus cases continue to rise in several countries, it is feared that crude supplies will far exceed demand, considering the fact that OPEC members have eased output curbs and have been producing more oil since last month.

West Texas Intermediate Crude oil futures for October are down $0.65 or 1.7% at $37.40 a barrel.

Brent crude futures are lower by $0.56 or 1.4% at $40.23 a barrel.

According to a report from the American Petroleum Institute, oil stockpiles rose by 2.970 million barrels during the week ended September 4, as against expectations for a 1.2 million barrels drawdown.

Gasoline supplies dropped by 6.892 million barrels, while distillate inventories increased 2.293 million barrels last week.

The Energy Information Administration (EIA) is scheduled to release its weekly inventory data at 10.30 am ET.