Oil prices edge higher on surprise US stock drawdown, but demand concerns linger

SEOUL: OilNSE -1.29 % prices crept up on Thursday, supported by a surprise decline of US crude inventories, but gains were capped by worries that a potential second wave of the coronavirus pandemic might trigger fresh lockdowns and slam fuel demand once again.

Brent crude futures rose 6 cents, or 0.2 per cent, to $29.25 per barrel at 0045 GMT. US West Texas Intermediate (WTI) crude futures were up 8 cents, or 0.3 per cent, to $25.37 a barrel.

Crude stocks in the United States had billowed since mid-January on falling fuel demand around the world as a result of the pandemic.