Oil prices extended losses for a third session, dragged down by a larger-than-expected crude and gasoline stockbuild in the US and easing supply concerns.

Markets will be awaiting further inventory data cues from the US Energy Information Administration (EIA) due later in the day.

Brent futures slipped by 41 cents, or 0.48%, to $85.41 a barrel, while US West Texas Intermediate crude fell by 49 cents, or 0.59%, to $83 a barrel.

US crude oil stockpiles swelled by about 12.9 million barrels, according to market sources citing American Petroleum Institute figures. This was much higher than the 500,000-barrel gain expected by analysts.

Gasoline inventories also rose by 3.6 million barrels, the data showed, a stark contrast from the 800,000-barrel drop expected by analysts and continued to stoke worries of slowing fuel demand in the US.

Source: Qatar News Agency