Oil prices were little changed on Thursday after falling earlier as the demand outlook remains clouded by rising coronavirus cases in many countries and as data showed US crude stockpiles unexpectedly rose last week.
US West Texas Intermediate (WTI) crude futures dipped 4 cents, or 0.1%, to $38.01 a barrel at 0657 GMT, after climbing 3.5% on Wednesday.
Brent crude futures edge up 2 cents, or 0.05% to $40.81 a barrel, after rising 2.5% on Wednesday.
The oil market is under pressure on the prospect of both subdued demand and rising supply, ANZ analysts said in a note. The US Energy Information Administration (EIA) will release official weekly inventory data later on Thursday, a day later than normal following this week’s US Labor Day holiday.
