WTI crude futures traded below $40 per barrel on Thursday following a two-day rally, as concerns about fuel demand mounted after the EIA reported a bigger-than-expected rise in US distillate stockpiles, which include diesel and heating oil.
At the same time, energy companies prepared to resume production in the Gulf of Mexico after Hurricane Sally receded.
Meanwhile, OPEC+ will be meeting today, but is unlikely further output cuts will be recommended even though the prices dropped receently.
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