Crude oil prices were down on Thursday with a surprise weekly buildup of US gasoline stocks, signaling declining oil demand in the world's largest oil-consuming country.
International benchmark Brent crude was trading at $41.69 per barrel at 0646 GMT for a 0.10% decline after closing Wednesday at $41.73 a barrel.
American benchmark West Texas Intermediate (WTI) was at $39.95 a barrel at the same time for a 0.20% drop after ending the previous day at $40.03 per barrel.
In the US, gasoline inventories increased by 1.9 million barrels, or 0.8%, to 227 million barrels for the week ending Oct. 16, according to data released by the country's Energy Information Administration (EIA) on Wednesday.
However, the market expectation was a decrease of 1.8 million barrels.
Rising inventories suggest overall oil demand remains weak in the US, putting downward pressure on prices.
Weak global oil demand concerns caused by the second wave of the novel coronavirus (COVID-19) outbreak are also contributing to price declines.
The rebound in cases in Europe and North America has sparked renewed lockdown measures. Many European countries are tightening lockdowns to curb the spread of the virus, which has now reached over 41.2 million, according to the latest data from Johns Hopkins University.
While the US still tops the number of cases above 8.3 million as of Thursday morning, India's cases now total over 7.7 million, and Brazil follows with over 5.2 million cases.
Moreover, increased production from Libya, which is excluded from the current output cut deal of OPEC+, intensifies oversupply concerns, pushing prices down.
By Firdevs Yuksel