Brent crude futures fell by $1.95, or 2.4%, to $81.17 per barrel. Meanwhile, West Texas Intermediate (WTI) crude futures decreased by $1.72, or 2.2%, to $77.44 per barrel. Both crude types dropped 2% on Wednesday, currently sitting at their lowest levels since late March.
New claims for unemployment benefits in the United States saw a modest increase last week, indicating a gradual weakness in the labor market following several interest rate hikes by the Federal Reserve over the past year.
U.S. crude inventories fell by 4.6 million barrels due to increased refinery utilization and exports, while gasoline inventories unexpectedly surged, according to the U.S. Energy Information Administration.
