Oil prices were mixed as demand dried up

Oil prices fell Thursday after three days of gains, as the prospect of a rapid drop in demand from a us travel ban and blockade offset hopes that a $2tn emergency stimulus package would boost economic activity.

West Texas intermediate crude futures fell 77 cents, or 3.1%, to $23.73 a barrel.Brent crude futures fell 34 cents to $27.05 a barrel.

With oil production falling in many countries, expectations of a drop in oil demand of more than 10 million barrels a day are rising.This loss of demand will lead to oversupply.

The collapse of a supply-cutting deal between the organization of petroleum exporting countries (Opec) and other producers, led by Russia, will boost supplies as Saudi Arabia plans to start shipping more than 10 million barrels a day from may.

The U.S. energy information administration said Wednesday that U.S. crude inventories rose 1.6 million barrels in the latest week, the ninth straight week of gains.

Supplies of products to replace U.S. demand fell nearly 10% to 19.4 million barrels a day, EIA data showed.

                                                                                                                                  By Yangyang