LONDON—Oil prices fell by more than $5 on Thursday after higher U.S. gasoline stockpiles and an ECB rate hike stoked demand worries and returning oil supply from Libya eased supply concerns.
Brent crude futures lost $3.88, or 3.6 percent, to $103.04 a barrel by 1224 GMT after slipping 0.4 percent in the previous session. U.S. West Texas Intermediate crude futures were down $3.79, or 3.8 percent, at $96.09 after a 1.9 percent drop on Wednesday.
Both were down more than $5 earlier in the session.
Oil futures trading volumes have been thin and prices volatile as traders have to square weaker energy demand with tighter supply resulting from the loss of Russian barrels after Ukraine’s war….