Oil down 5 percent to two-month lows as U.S. crude draw disappoints

Oil down 5 percent to two-month lows as U.S. crude draw disappoints

Oil prices fell 5 percent to two-month lows on Thursday after the U.S. government reported a weekly crude draw within analysts' forecasts that disappointed market bulls expecting larger declines. Brent crude also lost the most in a session since February as the global benchmark and U.S. crude futures broke key technical support they had defended for nearly two weeks since a selloff on Britain's shock vote to exit the European Union. "Once we got past those levels, it was just longs liquidation all the way," said Tariq Zahir, a trader in crude spreads at New York's Tyche Capital Advisors.

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