Oil prices dipped in early trade on Thursday for the third straight session after data showed an unexpected, large build in U.S. crude stocks last week, triggering fears of an oversupply amid signs of weaker Chinese demand, too.
In a further bearish sign, gasoline inventories also posted a surprise build of about 1.9 million barrels in the week ended May 26, according to the data, compared with estimates for a draw of about 500,000 barrels. Meanwhile, Chinese data showed manufacturing activity contracted faster than expected in May, worrying markets about demand in the world's second-largest oil consumer.
Analysts at HSBC and Goldman Sachs have said they do not expect OPEC+ to announce further cuts at this meeting.
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