Oil slipped on Thursday after industry data showed a surprise increase in US crude inventories that revived pandemic-related demand concerns, but United States stimulus hopes limited the price downturn.
Brent crude futures fell 47 cents, or 0.8%, to $55.61 a barrel by 1030 GMT.
US West Texas Intermediate (WTI) crude futures fell 43 cents, or 0.8%, to $52.88 a barrel, following two days of gains on expectations of massive COVID-19 relief spending under new US President Joe Biden.
US crude oil inventories rose 2.6 million barrels in the week to Jan. 15, according to data from industry group the American Petroleum Institute, compared with analysts’ forecasts in a Reuters poll for a 1.2 million barrel fall.
