<p>Crude prices extended their losses into a sixth day on Thursday, hovering near 3-month lows, hurt by growing fears over slower fuel demand amid a spike in Covid-19 cases worldwide while an unexpected rise in US gasoline inventories added to pressure.</p>.<p>Brent crude was down 85 cents or 1.3 per cent at $67.38 a barrel by 0649 IST, having fallen 1.2 per cent on Wednesday. US West Intermediate crude (WTI) lost 93 cents or 1.4 per cent to $64.53 a barrel after tumbling 1.7 per cent in the previous session.</p>.<p>Both benchmarks have lost more than 5 per cent over the past six sessions, trading near their lowest level since May 24 in the previous session.</p>.<p>The slide continued as investors remained worried over the increase in infections caused by the Delta variant of the coronavirus worldwide.</p>.<p>"Crude prices continue to look vulnerable around those mid to late summer support levels - $65 in WTI and $67 in Brent," Craig Erlam, senior market analyst at OANDA Europe, said in a note.</p>.<p>Slower growth in China as it imposes further restrictions in response to rising Covid-19 cases and some weakness in a few US data points this past week has driven the softness in oil prices, he cited.</p>.<p>"A move below $65 in WTI, for example, could see prices drop back into Q2 trading ranges between $57 and $65. This would be quite a drop from the levels we've seen the last couple of months and surely reflect growing concerns about the spread of delta and the implications for fourth quarter growth," he added.</p>.<p>The surprise build in US gasoline inventories also fuelled concerns over slowing demand.</p>.<p>US crude inventories fell 3.2 million barrels last week to 435.5 million barrels, their lowest since January 2020, the Energy Information Administration said on Wednesday.</p>.<p>But gasoline stocks rose by 696,000 barrels to 228.2 million barrels, against analysts' expectations for a 1.7 million-barrel drop.</p>.<p>Minutes of the US Federal reserve's July 27-28 policy meeting showed officials noted the spread of the Delta variant could temporarily delay the full reopening of the economy, and restrain the jobs market.</p>
<p>Crude prices extended their losses into a sixth day on Thursday, hovering near 3-month lows, hurt by growing fears over slower fuel demand amid a spike in Covid-19 cases worldwide while an unexpected rise in US gasoline inventories added to pressure.</p>.<p>Brent crude was down 85 cents or 1.3 per cent at $67.38 a barrel by 0649 IST, having fallen 1.2 per cent on Wednesday. US West Intermediate crude (WTI) lost 93 cents or 1.4 per cent to $64.53 a barrel after tumbling 1.7 per cent in the previous session.</p>.<p>Both benchmarks have lost more than 5 per cent over the past six sessions, trading near their lowest level since May 24 in the previous session.</p>.<p>The slide continued as investors remained worried over the increase in infections caused by the Delta variant of the coronavirus worldwide.</p>.<p>"Crude prices continue to look vulnerable around those mid to late summer support levels - $65 in WTI and $67 in Brent," Craig Erlam, senior market analyst at OANDA Europe, said in a note.</p>.<p>Slower growth in China as it imposes further restrictions in response to rising Covid-19 cases and some weakness in a few US data points this past week has driven the softness in oil prices, he cited.</p>.<p>"A move below $65 in WTI, for example, could see prices drop back into Q2 trading ranges between $57 and $65. This would be quite a drop from the levels we've seen the last couple of months and surely reflect growing concerns about the spread of delta and the implications for fourth quarter growth," he added.</p>.<p>The surprise build in US gasoline inventories also fuelled concerns over slowing demand.</p>.<p>US crude inventories fell 3.2 million barrels last week to 435.5 million barrels, their lowest since January 2020, the Energy Information Administration said on Wednesday.</p>.<p>But gasoline stocks rose by 696,000 barrels to 228.2 million barrels, against analysts' expectations for a 1.7 million-barrel drop.</p>.<p>Minutes of the US Federal reserve's July 27-28 policy meeting showed officials noted the spread of the Delta variant could temporarily delay the full reopening of the economy, and restrain the jobs market.</p>