Oil steady as demand worries counter surprise drop in US crude stocks
MELBOURNE/SINGAPORE (Reuters) – Oil prices were mixed on Wednesday as concerns over rocky demand in Europe counterbalanced hopes of a recovery in U.S. refinery activity as industry data showed U.S. crude stockpiles unexpectedly fell last week.
“Demand fears based on the stalled European vaccine roll out is containing an otherwise positive environment,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.
Brent crude futures fell 7 cents, or 0.1%, to $68.32 a barrel by 0458 GMT, after initially gaining as much as 23 cents.
U.S. West Texas Intermediate (WTI) crude futures rose 4 cents to $64.84, after climbing as much as 28 cents in early trade.
