Oil prices dropped on Thursday after a spike in previous sessions with a larger US petrol stock report, when the market saw macroeconomic concerns over strong short -term demand.
Brent's futures fell 5 cents to $ 70.9 per barrel, while West Texas Intermediate US (WTI) crude futures fell 10 sen to $ 67.58 per barrel.
Both benchmarks rose about 2% on Wednesday as US government data showed more stringent oil and fuel inventories than expected.
US petrol inventory fell by 5.7 million barrels, more than 1.9 million barrels expected by analysts, while distilled stocks also dropped more than expected despite the increase in crude oil stocks.
Hiroyuki Kikukawa, Head of Strategy Nissan Securities Investment said the decline in US petrol inventory increased expectations for increasing seasonal demand in the spring, but concerns about the global economic impact of the tariff war burdens the market.
Strong and weak factors that grow simultaneously, it is difficult for the market to be static in one direction or another.
In addition, tariff threats have been confusing investors, consumers and business confidence and raised concerns of US recession.
Meanwhile, the Petroleum Exporting State Organization (OPEC) said on Wednesday that Kazakhstan was ahead of a huge jump on February crude oil production by OPEC+.
This highlights the challenges for the manufacturer in enforcing compliance with the agreed production target.
