Oil prices dip on rise in virus cases; U.S. stock draw checks losses

Oil prices dip on rise in virus cases; U.S. stock draw checks losses
  • Clock-gray 07:46
  • calendar-gray 14 January 2021

Oil prices eased for a second day on Thursday as mounting coronavirus cases globally raised demand concerns, although a drawdown in U.S. crude stocks for a fifth straight week capped losses, APA reports quoting Reuters.

Brent crude oil futures dipped 5 cents, or 0.1%, to $56.01 a barrel by 0124 GMT, while 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,” said Stephen Innes, chief global market strategist at Axi.

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