Melbourne/Singapore — Oil prices dropped in early trade on Thursday, adding to heavy losses overnight, after a build in US gasoline inventories pointed to a deteriorating outlook for fuel demand as coronavirus cases soar in North America and Europe.
US gasoline stocks rose by 1.9-million barrels in the week to October 16, the Energy Information Administration said, compared with expectations for a 1.8-million-barrel drop. With new daily Covid-19 infections hitting records in several US states and in Europe, new lockdowns and China’s clampdown on outbound travel to help stem the spread of the disease bode ill for fuel demand.
Shaw said even if a Covid-19 relief package was approved, it would likely give oil prices only a temporary lift.
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