Oil prices were little changed on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand.
U.S. West Texas Intermediate (WTI) crude futures dipped 3 cents, or 0.07%, to $40.87 a barrel by 0443 GMT, after rising 0.7% on Wednesday.
Brent crude futures edged up 2 cents, or 0.05%, to $43.31, 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.”
Oil prices rose on Wednesday as data from the U.S. Energy Information Administration showed U.S. gasoline stockpiles fell by 4.8 million barrels last week, much more than analysts had expected, as demand climbed to 8.8 million barrels per day (bpd), highest since March 20.
