Oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in U.S. gasoline demand was tempered by concerns about renewed lockdowns with COVID-19 infections surging in the United States.
U.S. West Texas Intermediate (WTI) crude futures were unchanged at $40.90 a barrel at 0035 GMT, after rising 0.7% on Wednesday.
Brent crude futures inched up 3 cents to $43.32, 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.”
