FX.co ★ Oil Extends Losses On Fuel Demand Concerns

Oil prices fell around 1 percent on Thursday to extend the previous session's hefty losses on concerns about the demand outlook.

Brent crude futures dropped 0.8 percent to $85.11 a barrel in European trade, while WTI crude futures were down 0.9 percent at $83.45.

Crude prices settled more than $5 a barrel in the U.S. trading session overnight, marking the sharpest single-day loss in more than a year, after the EIA report showed the largest weekly build in almost two years for stockpiles of U.S. gasoline.

Oil prices were also pressured by the release of weak U.S. data and news that Russia may lift its diesel ban in the coming days.

Oil prices attempted a rebound from Wednesday's selloff earlier in Asian trade before turning lower after a slew of weak European data revived concerns about growth.

Meanwhile, an OPEC+ panel made no changes to the group's oil output policy.

Saudi Arabia said it would continue with a voluntary output cut of 1 million barrels per day, while Russia extended its voluntary export curb of 300,000 barrels per day until the year's end.