Oil eases on demand concerns after jump in US stockpiles
Oil prices eased on Wednesday as an unexpected jump in US 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%, to $48.66 a barrel by 0450 GMT, having gained 5 cents the previous day. US West Texas Intermediate (WTI) crude futures dropped 15 cents, or 0.3%, to $45.45, after shedding 16 cents on Tuesday.
The American Petroleum Institute (API) said on Tuesday that US crude oil, gasoline and distillate stocks rose sharply last week, with crude stocks jumping by 1.14 million barrels, against analyst forecasts in a Reuters poll for a draw of 1.42 million barrels.
