Oil prices were down at early trading on Thursday as rising U.S. crude oil stocks escalated oversupply concerns in addition to the risk of hampered global oil demand from the new virus epidemic in China.

International benchmark Brent crude was trading at $62.19 per barrel at 0625 GMT on Thursday for a 0.75% loss after closing the previous session at $62.66 a barrel.

American benchmark West Texas Intermediate was at $55.66 a barrel at the same time for a 0.85% decline after ending Wednesday at $56.14 per barrel.

Crude oil inventories in the U.S. are estimated to increase by

Read more: Oil prices down with rising US stocks, China epidemic