Oil edges lower after jump on US stocks draw

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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 ...

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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