Crude oil futures continued to sell off on Thursday, setting up for the biggest weekly decline since January.
West Texas Intermediate crude futures fell 2.86% in New York to $43.43 per barrel. Futures have fallen nearly 9% this week, and are on track for their biggest weekly drop since the 11% slump during the week of January 10.
Oil fell on Wednesday after the Energy Information Administration reported a bigger-than-expected build in US inventories. Stockpiles grew by 2.3 million barrels, the EIA said, more than the 1.1 million barrel build that analysts had expected.
The informal meeting of OPEC members scheduled for September 26-28 has driven speculation about a production-freeze agreement, after they failed to reach one in June.
Saudi Arabia’s Energy Minister Khalid Al-Falih said on Tuesday that the country will not boost its oil output.
Here’s how WTI has traded lower this week: