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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil prices bolstered by bigger-than-expected drop in US crude stocksOil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts had expected, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US refiners' biofuel bills soar in oil market slumpU.S. oil refiners this quarter are expected to spend the most since at least 2018 to meet U.S. biofuels requirements, further pressuring margins ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »