Oil prices slide further on US inventory build, China demand woes.
Oil prices extended losses into Asian trade on Thursday after a bigger-than-expected weekly build in U.S. crude stockpiles, while signs of easing demand in China also weighed.
Crude prices had fallen about 1.5% in the prior session, cutting short a brief recovery as data pointed to increased U.S. inventories and production.
This was exacerbated by data which showed that Chinese refiners processed lower amounts of oil in October than the prior month. Other readings still pointed to some economic strength in the world’s largest oil importer, as industrial production grew more than expected.