FX.co ★ Oil Extends Losses For Second Day On Demand Worries

Oil prices declined for a second straight session on Thursday after higher U.S. gasoline stockpiles stoked demand worries.

Benchmark Brent crude futures plunged more than 4 percent to $102.35 a barrel, while U.S. West Texas Intermediate crude futures plummeted 4.3 percent to $95.59.

Demand concerns outweighed tight global supply after government data showed U.S. gasoline stockpiles rose 3.5 million barrels last week, as against an expected increase of 71,000 barrels.

Lower gasoline demand during the peak summer driving season casted gloom over the prospects for global demand.

Growing stockpiles of crude, concerns about the Chinese economy due to the country's zero-COVID approach and lingering worries about interest-rate hikes by major central banks also tempered fears of a tight market.

The European Central Bank is expected to raise interest rates for the first time in 11 years today, joining peers around the world in confronting a historic spike in inflation.