Oil pares US stock-draw gains on weak demand outlook
SINGAPORE: Oil prices dipped on Thursday on lingering concerns about a weak demand outlook, after surging more than 2 per cent in the previous session on the back of a surprise draw in US crude stocks.
Brent crude futures fell 39 cents, or 0.6 per cent, to $60.78 a barrel by 0111 GMT. The international benchmark crude rose 2.5 per cent on Wednesday to settle at $61.17 a barrel, levels not seen since Sept. 30.
West Texas Intermediate (WTI) crude futures dropped 46 cents, or 0.8 per cent, to $55.51 per barrel. US crude closed 3.3 per cent higher in the previous session.
