The crude oil markets bounced a bit in the early hours of Thursday, as the market continues to try to sort out whether or not we can break out of the consolidation.
Russia, in a rare admission of oil overproduction, said overnight that it exceeded its OPEC+ production quota in April for "technical reasons", a surprise move that analysts and industry sources say shows Moscow faces challenges in curbing output.
U.S. crude oil is down 2.4% for the week while Brent, the global benchmark, is down 1.8%.
Oil futures rose Thursday morning, attempting to snap a three-day losing streak as investors weigh the outlook for Federal Reserve policy and crude demand.
Given the Fed's indication of potential rate hikes and the unexpected rise in crude inventories, the short-term outlook for crude oil remains bearish.
India and Egypt were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in April, traders said and LSEG data showed.
Oil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand.
U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate whether the industry deceived the public about fossil fuels' impact on climate change.
Gasoline inventories declined by 0.9 million barrels.
The crude oil market has fallen a bit in the overnight trading session, as the crude oil build was higher than expected in the United States.
U.S. crude oil and global benchmark Brent are down more than 2% for the week.
Oil futures fell early Wednesday, on track for a three-day losing streak, after industry data showing a rise in U.S. crude and gasoline inventories amplified worries over the outlook for demand.