Crude prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks, sparking concerns about demand weakening in the world’s biggest oil consumer as crude supplies around the world rise.

Crude oil prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks on the back of higher refinery runs, while demand remained subdued compared with pre-coronavirus levels.

MISC Berhad (MISC) has taken delivery of its sixth Very Large Ethane Carrier (VLEC) –Seri Elbert, from Hyundai Heavy Industries (HHI) shipyard in Ulsan, South Korea.

The Russian stock indices, that started trading with a decline on Wednesday, grew slightly by the end of the session.

Oil traded near $63 a barrel in London as traders awaited weekly U.S. inventory data for the latest steer on the demand recovery.

Oil giant Shell has said that a storm that blanketed Texas in February, killing more than 100 people, will cost it around $200m (£145m) in adjusted earnings.

Oil product inventories at the UAE’s Port of Fujairah climbed to a five-week high led by a record increase in fuel oils for power generation and marine bunkers.

The author is an analyst of NH Investment & Securities.

Strong economic data from China and the United States helped lift oil prices by more than 1% on Tuesday, recouping some of the previous session’s losses.

Zhanjiang, a coastal city in South China’s Guangdong province, will make the local port economy into a core driver for its future high-quality development.