Oil prices fell nearly a dollar on Thursday, retreating from Wednesday's rally after a U.S. government report showed an increase in stockpiles in the world's largest energy consumer, Reuters reported. U.S. crude oil futures settled down 97 cents at $53.63 a barrel, the first decline in eight trading days. In London, Brent crude shed 93 cents to $52.34. The losses came after the U.S. Energy Information Administration reported crude oil supplies rose last week by 1.4 million barrels as imports soared in response to growing demand from the nation's refineries. The larger-than-expected build brings crude stockpiles in the United States near their highest level since 1999, when crude oil prices were about $30 cheaper. "We have to ask the question once again, where's the shortage?" said Tim Evans, senior oil analyst at IFR Energy Services in New York. Dealers said losses Thursday were limited by lingering concerns over exceptional growth in demand, particularly for distillates like diesel and jet fuel -- a factor which contributed to Wednesday's 5 percent rally. --More 2322 Local Time 2022 GMT
