Oil Prices Plummet Amid Weaker Demand Outlook

Oil prices fell more than 3% on Thursday as investors focused on signs of weaker global demand and rising U.S. crude stocks.

Brent futures dropped $1.93, or 2.2%, to $87.05 a barrel, trimming gains accumulated over the previous six sessions.

U.S. West Texas Intermediate (WTI) crude fell $1.82, or 2.2%, to $81.45 after advancing over the past five sessions.

The large crude stocks build in the U.S. last week is a headwind for prices, said UBS analyst Giovanni Staunovo, adding that the downside should be limited as long as flows through the Strait of Hormuz remain limited.