Oil edges lower after jump on U.S. stocks draw

Oil edges lower after jump on U.S. stocks draw
  • Clock-gray 08:19
  • calendar-gray 13 August 2020

Crude oil prices eased slightly on Thursday but held most of their gains from the previous session after U.S. government data showed a fall in inventories, supporting the view that fuel demand is returning despite the coronavirus pandemic, APA reports quoting Reuters. 

Brent crude LCOc1 was down 8 cents at $45.35 a barrel by 0150 GMT, after a gain of around 2% in the previous session. West Texas Intermediate CLc1 oil was down by 6 cents at $42.61 a barrel after gaining 2.6% on Wednesday. 

U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed. [EIA/S] 

U.S. fuel demand rose to 19.37 million barrels per day last week, the highest since March, data from the Energy Information Administration (EIA) showed, while crude output fell to 10.7 million barrels per day (bpd) from 11 million bpd.

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