Aug 22 Reuters Oil prices fell for a fifth session on Thursday as investors worried about the global demand outlook, despite a decline in U.S. fuel inventories.

Brent crude futures slipped 10 cents to 75.95 a barrel, while U.S. West Texas Intermediate crude futures fell 23 cents to trade at 71.70 at 0639 GMT.

The frontmonth WTI contract for October has dropped 6.9 since Aug. 15, while Brent futures are down 6.4 over the same period.

Prices have plunged amid a report on Wednesday of revised employment statistics in the U.S., the world39;s biggest oil consumer, that showed fewer jobs were added in 2024 than previously reported, and weak economic data last week from China, the world39;s secondlargest economy and largest oil importer.

Investors are also expecting the Organization of the Petroleum Exporting Countries OPEC and its allies such as Russia, known as OPEC, will lift some voluntary output cuts in October, adding more supply.

Weak global demand and the potential threat on OPEC rolling back on their production cuts are weighing on oil, said Priyanka Sachdeva, a senior market analyst at Phillip Nova, adding that conflict in the Middle East and geopolitical tensions elsewhere are tilting risks to the upside.

Concerns over how OPEC production would pan out in the fourth quarter if the cuts are lifted has exacerbated price weakness, though they could be paused or reversed if needed.

The downward pressure on prices makes it increasingly likely that OPEC will have…