Oil drops a second day on concerns over China and stockpiles

​Oil fell for a second day along with other commodities amid concerns over demand in China and expectations of rising stockpiles in the U.S.

West Texas Intermediate futures slipped as much as 1.2 per cent to trade just above US$70 a barrel in New York. Some banks cut forecasts for China’s growth this year after weak April data, although the International Energy Agency remains upbeat that the end of COVID curbs has bolstered its demand prospects.

The industry-funded American Petroleum Institute reported nationwide crude inventories rose by 3.7 million barrels last week due to a build-up at the key hub in Cushing, Oklahoma, according to people familiar with the figures. Still, gasoline and distillate inventories fell.