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Oil prices fall on surging US crude stockpiles, economic concerns

Brent crude futures, the international benchmark for oil prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 percent, from their last close.

May 23, 2019 / 06:51 AM IST

Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories and weak demand from refineries.

Brent crude futures, the international benchmark for oil prices, were at $70.62 per barrel at 0109 GMT, down 37 cents, or 0.5 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down by 31 cents, or 0.5 percent, at $61.11 per barrel.

Crude futures already fell by around 2 percent the previous day.