Oil slips as Covid-19, demand concerns weigh ahead of supply report
Oil slipped further below $56 a barrel on Wednesday as persistent concerns about demand countered industry data showing U.S. crude inventories fell unexpectedly.
The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories fell by 5.3 million barrels. Analysts expect them to rise in a Reuters poll ahead of official inventory figures due at 1530 GMT.
Brent crude slipped 37 cents or 0.7% to $55.54 a barrel by 1447 GMT, giving up an earlier gain. U.S. West Texas Intermediate (WTI) crude fell 31 cents to $52.30.
