Oil holds steady as virus concerns weigh on demand hopes – media

10:15, 30 July 2020
Economy
82 0
REUTERS

The most active Brent crude contract for October was up 4 cents or 0.1% at $44.13 a barrel at 0330 GMT. The September Brent contract, which is expiring on Friday, was unchanged at $43.75 a barrel in light trading, as reported by Reuters.

U.S. West Texas Intermediate (WTI) crude futures were down one cent at $41.26 a barrel.

Read alsoReuters: Oil rises after surprise drop in U.S. inventories offsets demand concerns

Both benchmark contracts rose on Wednesday after the U.S. Energy Information Administration (EIA) reported the largest one-week fall in crude stocks since December.

U.S. crude inventories fell by 10.6 million barrels in the week to July 24 to 526 million barrels, compared with analysts' expectations for a 357,000-barrel rise.

However, U.S. gasoline and distillate stocks, which include diesel and heating oil, both rose against expectations for inventories to fall – highlighting the patchy nature of the recovery in fuel demand.

Prices were anchored on Thursday by demand concerns with a rise in COVID-19 infections raising the prospect for lockdowns to be reimposed.

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