Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane's Francine's impact on output in the U.S., the world's biggest crude producer.
But with the storm set to eventually dissipate after making landfall, the oil market's attention again turned to lower demand.
U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration said on Wednesday.
The data also showed gasoline demand fell to its lowest since May at the same time distillate fuel demand dropped, with refinery runs also declining.
Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year, its second consecutive downward revision.
Persons:
Hurricane's, Brent
Organizations:
Hurricane, Energy Information Administration, Organization of, Petroleum, International Energy, ANZ Research
Locations:
Nolan , Texas, U.S, U.S . Gulf, Mexico, Louisiana