Oil prices dropped after the official figures showed a big increase in U.S. gasoline stocks on Thursday. This increased the concerns about demand for crude weakening in the world’s biggest consumer of the resource at a time when supplies around the world are rising.
Brent crude eased 47 cents, or 0.7%, to $62.70 a barrel. U.S. oil settled 17 cents, or 0.28%, lower at $59.60 per barrel. The crude stocks in the United States dropped more than the forecast by analysts, gasoline inventories jumped sharply, also against expectations.
Iran may see some sanctions lifted and add to global supplies, with the U.S. and other powers holding talks on reviving a nuclear deal that almost stopped Iranian oil from coming to market. The International Monetary Fund passes a statement that massive public spending deployed to combat the COVID-19 pandemic may increase global growth to 6% this year, a rate not achieved since the 1970s.