MELBOURNE- Oil futures fell in early trade on Thursday, paring overnight gains, on worries about fuel demand after data showed US crude stockpiles rose last week, rather than dropping as expected, and COVID-19 cases continued to rise around the world.
US West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.5 percent, to $37.85 a barrel, after climbing 3.5 percent on Wednesday.
Brent crude futures dropped 14 cents, or 0.3 percent to $40.65 a barrel, after rising 2.5 percent on Wednesday.
As coronavirus case surged in several US states, the country’s crude stockpiles rose by 3 million barrels in the week to Sept. 4, data from the American Petroleum Institute showed on Wednesday. That compared with analysts’ forecasts of a draw of 1.4 million barrels.