Oil prices remain steady as fears of renewed lockdowns keep gasoline recovery signs at bay
MELBOURNE/SINGAPORE CITY (AUSTRALIA/SINGAPORE) – There were no changes to oil prices on Thursday as concerns about renewed lockdowns in the United States staved off signs of a recovery in US gasoline demand.
Futures of US West Texas Intermediate (WTI) crude slipped by 3 cents, or 0.07%, to reach $40.87 a barrel by 0443 GMT, after registering a rise of 0.7% on Wednesday.
Brent crude futures went up 2 cents, or 0.05%, to reach $43.31, after gaining 0.5% on Wednesday.
“The market’s struggling to get strong conviction to the upside at the current point in time,” said Lachlan Shaw, head of commodity research at National Australia Bank. “There’s mixed evidence on demand.”
Oil prices climbed on Wednesday as data from the US Energy Information Administration revealed US gasoline stockpiles falling by 4.8 million barrels last week which was much more than expected as demand rose to 8.8 million barrels per day (bpd), the highest since March 20.
The spurt in COVID-19 cases across several US states, however, stoked fears of renewed lockdowns that would stave off recovery in fuel demand.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field