Oil prices drifted lower on Thursday as concerns about renewed Covid-19 lockdowns in the United States outweighed signs of a recovery in US gasoline demand.
US West Texas Intermediate (WTI) crude futures fell 14 cents, or 0.3%, to $40.76 a barrel by 0229 GMT, after rising 0.7% on Wednesday.
Brent crude futures slipped 7 cents, or 0.2%, to $43.22, after gaining 0.5% on Wednesday.
“The market’s struggling to get strong conviction to the upside at the current point in time,” said Lachlan Shaw, head of commodity research at National Australia Bank. “There’s mixed evidence on demand.”
Oil prices rose on Wednesday as data from the US Energy Information Administration showed US gasoline stockpiles fell by 4.8 million barrels last week, much more than analysts had expected, as demand climbed to 8.8 million barrels per day (bpd), highest since March 20.
