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Oil Prices Dip On Rise In Virus Cases; U.S. Stock Draw Checks Losses

SINGAPORE: Oil costs eased for a second day on Thursday as mounting coronavirus circumstances globally raised demand considerations, though a drawdown in U.S. crude shares for a fifth straight week capped losses.

Brent crude oil futures dipped 5 cents, or 0.1%, to $56.01 a barrel by 0124 GMT, whereas U.S. West Texas Intermediate (WTI) fell by 1 cent to $52.90 a barrel.

“Oil market’s sizzling rally likely took a hiatus as the stronger dollar and the omnipresent gasoline supply overhang offset the evaporating U.S. crude inventories,” mentioned Stephen Innes, chief world market strategist at Axi.

U.S. crude oil stockpiles final week fell greater than anticipated, whereas gasoline and distillate inventories rose as refiners ramped up output to its highest stage since August, the Energy Information Administration mentioned on Wednesday.

China, the world’s second largest oil shopper, reported its greatest every day leap in new COVID-19 circumstances in additional than 10 months as infections in northeastern Heilongjiang province practically tripled, underscoring the rising risk forward of a serious nationwide vacation.

Governments throughout Europe introduced tighter and longer coronavirus lockdowns on Wednesday attributable to a fast-spreading COVID variant first detected in Britain and as vaccinations usually are not anticipated to assist a lot for an additional two to a few months.

Oil producers face an unprecedented problem to steadiness provide and demand as components together with the tempo and response to COVID-19 vaccines cloud the outlook, an official with International Energy Agency (IEA) mentioned.

Still, a hefty COVID-19 reduction bundle, which U.S. President-elect Joe Biden is because of unveil on Thursday, saved losses in verify.

Top oil exporter Saudi Arabia has lower provides of February-loading crude for some Asian consumers by as much as 1 / 4, sources instructed Reuters, which supported costs.

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