Oil slips as lockdown measures threaten demand, but U.S. inventory draw limits downside
Oil prices slipped on Thursday as new restrictions to stem a surge in COVID-19 infections increased uncertainty over the outlook for economic growth and a recovery in fuel demand. But prices bounced off their lows after better-than-expected inventory data.
Brent futures fell 25 cents, or 0.6%, to trade at $43.06 per barrel, while U.S. West Texas Intermediate (WTI) crude settled 8 cents, or 0.19%, lower at $40.96 per barrel.
Traders noted the price decline was limited by industry data showing a fall in U.S. oil inventories last week. The U.S. Energy Information Administration said Thursday that inventory declined by 3.818 million barrels in the prior week, larger than the 1.9 million barrel draw analysts polled by FactSet had been expecting.
The American Petroleum Institute industry group on Wednesday said U.S. crude, gasoline and distillate inventories all fell in the week to Oct. 9.
Reference: CNBC
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