Oil prices are almost stable on demand concerns tied to COVID-19

Shafaq news/ according to Reuters, Oil prices were mixed on Wednesday as record increases in COVID-19 infections in some U.S. states raised concerns about fuel demand in the world’s biggest crude user, wiping out earlier gains after a surprise drop in U.S. crude inventories. 

Brent crude futures LCOc1 were up by 3 cents, or 0.1%, at $43.25 a barrel by 0529 GMT, after dropping 0.4% on Tuesday.

U.S. West Texas Intermediate crude futures CLc1 were down 6 cents, or 0.2%, to $40.98 a barrel, having dropped 1.4% in the previous session.

Inventories of crude oil in the United States dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday.

Crude stocks in the United States fell by 6.8 million barrels last week to 531 million barrels, according to data from the American Petroleum Institute yesterday.