Oil prices struggle to hold five-month high amid pandemic worries
Oil prices were unchanged on Thursday, struggling to hold onto five-month highs reached in the previous session, as fuel demand worries caused by the second wave of coronavirus infections outweighed declines in the US dollar.
US West Texas Intermediate (WTI) crude futures were down 3 cents, or 0.1%, at $42.16 a barrel at 0148 GMT, while Brent crude futures rose 6 cents to $45.23.
The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in US crude stockpiles.
However, investors remained wary of rising US refined product inventories at a time when US central bankers said the resurgence in cases was slowing the economic recovery in the world’s biggest oil consumer.
