Oil pares U.S. stock-draw gains on weak demand outlook
Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2% in the previous session on the back of a surprise draw in U.S. crude stocks, Trend reports citing Reuters.
Brent crude futures LCOc1 fell 39 cents, or 0.6%, to $60.78 a barrel by 0111 GMT. The international benchmark crude rose 2.5% on Wednesday to settle at $61.17 a barrel, levels not seen since Sept. 30.
West Texas Intermediate (WTI) crude futures CLc1 dropped 46 cents, or 0.8%, to $55.51 per barrel. U.S. crude closed 3.3% higher in the previous session.
U.S. crude inventories fell 1.7 million barrels in the week ended Oct. 18, compared with analysts’ expectations for a 2.2 million barrel build, data from the Energy Information Administration showed.
This was in stark contrast with earlier inventory data released by industry group the American Petroleum Institute (API), which showed a build of 4.5 million barrels in U.S. crude stocks. [API/S]