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Due to pressure from significant increases in U.S. gasoline inventories last week, oil prices fell on Thursday, continuing losses from the day before, but the decline was restrained by worries about tighter supply from Russia and OPEC members.

Both benchmarks showed price declines of over 1% on Wednesday due to a stronger dollar and a larger-than-anticipated increase in U.S. fuel inventories.

The U.S. Energy Information Administration said on Wednesday that gasoline stockpiles increased by 6.3 million barrels to 237.7 million barrels last week. A 1.5 million-barrel build was anticipated by analysts surveyed by Reuters. Instead of increasing by 600,000 barrels as anticipated, distillate stockpiles increased by 6.1 million barrels during the week to 128.9 million barrels.

“The northern hemisphere’s winter demand season limited the downside, but increased U.S. fuel inventories prompted some selling,” stated Hiroyuki Kikukawa, president of NS Trading, a division of Nissan Securities.
According to a Reuters poll, oil production from the Organization of the Petroleum Exporting Countries decreased in December following two months of growth. A Nigerian output increase and improvements elsewhere in the group were counterbalanced by field maintenance in the United Arab Emirates.

In December, Russia’s oil production averaged 8.971 million barrels per day, which was less than the nation’s goal, said Bloomberg.

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