Oil prices slip after unexpected increase in US crude inventories
NEW YORK (Reuters) – Oil prices slipped on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.
Brent crude futures fell 3 cents to $56.05 a barrel by 11:27 a.m. EST (1627 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 14 cents to $53.17 a barrel.
Both benchmarks rose over the past two days on expectations of massive COVID-19 relief spending under new U.S. President Joe Biden.
Late Wednesday, industry data showed U.S. crude oil inventories rose 2.6 million barrels last week, compared with analysts’ forecasts in a Reuters poll for a 1.2 million-barrel draw.
