11-10-2018 04:15 PM

Oil prices dropped on Thursday subsequent a beat in global stock markets. Data from the American Petroleum Institute (API) was in spotlight as it revealed U.S. crude inventories leaped more than likely last week.

Oil prices extended their 2% losses from the last session as stocks in China and Japan fell more than 4% on Thursday, after U.S. stocks went through their most unpleasant one-day drops in eight months overnight. The S&P 500 dropped more than 3%, its biggest one-day fallfrom the time since February.

In the interim, the API made a statementthat U.S. crude inventoryleaped by 9.7 million barrels last week. Analysts expected a boost of 2.6 million barrels.

The industry group added that Crude stocks at the Cushing, Oklahoma, and delivery hub raised by 2.2 million barrels.

Official data from the U.S. government’s Energy Information Administration is due later in the day.

According to the Bureau of Safety and Environmental Enforcement - Energy companies in the U.S. Gulf Coast of Mexico had cut down daily supply of about 670,800 barrels of oil and 726 million cubic feet of natural gas due to the Category 4 storm Michael. Around 42% of daily crude supply in the Gulf has been slashed since Tuesday.