Oil edges lower after jump in U.S. stockpiles, vaccine hopes capping losses

Oil edges lower after jump in U.S. stockpiles, vaccine hopes capping losses
  • Clock-gray 08:29
  • calendar-gray 09 December 2020

Oil prices edged lower on Wednesday on concerns over an unexpected jump in U.S. oil inventories last week, but positive news on COVID-19 vaccines lifted investors hopes for a recovery in fuel demand, capping losses, APA reports quoting Reuters.

Brent crude futures slipped 13 cents, or 0.3%, to $48.71 a barrel by 0151 GMT, having gained 5 cents the previous day. U.S. West Texas Intermediate (WTI) crude futures dropped 15 cents, or 0.3%, to $45.45, after shedding 16 cents on Tuesday.

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