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Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks

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Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections.

A 3D printed oil pump jack is seen in front of displayed stock graph in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration

The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles. [EIA/S] EIA data showed distillate stockpiles, which include diesel and heating oil, climbed to a 38-year-high, and gasoline inventories unexpectedly rose for a second week in a row.

The U.S. EIA calculated gasoline demand remains around 8.6 million barrels per day, around 10% lower than a year earlier, just as the U.S. driving season, which ANZ Research called the “world’s biggest seasonal demand period”, was winding down.

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