Oil eases on demand concerns after jump in U.S. stockpiles
TOKYO: Oil prices eased on Wednesday as an unexpected jump in U.S. oil inventories fuelled concerns over slow demand, but positive news on Covid-19 vaccines boosted investor optimism about a recovery in fuel demand, capping losses.
Brent crude futures slipped 18 cents, or 0.4 per cent, to $48.66 a barrel by 0450 GMT, having gained 5 cents the previous day. U.S. West Texas Intermediate (WTI) crude futures dropped 15 cents, or 0.3 per cent, to $45.45, after shedding 16 cents on Tuesday.
