Futures Movers: Oil extends drop after a third-weekly rise in U.S. supplies

Oil futures dropped Thursday to log their lowest settlement month to date, after a report revealed a third-weekly rise in U.S. crude supplies.

Prices also suffered in the wake of a global equity rout that raised concerns about the economy and the outlook for energy demand.

“Inventory data has served to kick crude when it’s already down,” said Matt Smith, director of commodity research at ClipperData. Crude supplies posted another build, in part due to a further drop in refinery runs, “at a time when prices were already getting swept up in the risk-off sentiment of broader markets.”

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