Oil edges lower after jump on US stocks draw

Crude oil prices eased slightly on Thursday but held most of their gains from the previous session after U.S. government data showed a fall in inventories, supporting the view that fuel demand is returning despite the coronavirus pandemic.

Brent crude was down 8 cents at US$45.35 a barrel by 0150 GMT, after a gain of around 2per cent in the previous session. West Texas Intermediate oil was down by 6 cents at US$42.61 a barrel after gaining 2.6per cent on Wednesday.U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed.

"The fourth quarter could see much higher oil prices if the energy market starts to brace for a shortage of oil," said Edward Moya, senior market analyst at OANDA.

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