Oil dips on demand worries despite surprise drop in U.S. crude stocks

Oil dips on demand worries despite surprise drop in U.S. crude stocks
  • Clock-gray 08:09
  • calendar-gray 17 March 2021

Oil prices slipped for a fourth day on Wednesday on worries about rocky demand in Europe, even as hopes of a recovery in U.S. refinery activity were boosted by industry data that showed U.S. crude stockpiles unexpectedly fell last week, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures dipped 5 cents to $64.75 a barrel at 0229 GMT, after climbing as much as 28 cents in early trade.

Brent crude futures fell 10 cents, or 0.2%, to $68.29 a barrel, after initially gaining as much as 23 cents.

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