0309 GMT August 26, 2019
Brent crude LCOc1 fell $1.95 a barrel to a low of $81.14, its weakest since Sept. 26, before recovering a little to trade around $ 81.60. Brent lost 2.2 percent on Wednesday. On Oct. 3, it hit a four-year high of $86.74, according to Reuters.com.
Share markets in Asia plunged to a 19-month low on Thursday after Wall Street’s worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over over-valued stock markets in an environment of rapidly rising dollar yields.
OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.
Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.
The US Energy Information Administration (EIA) is due to release official government inventory data on Thursday at 11 a.m. EDT.
In the US Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to Hurricane Michael, the Bureau of Safety and Environmental Enforcement said. The cuts represent 718,877 barrels per day of oil production.