Oil slips as demand worries erase early bounce from Saudi price increase - Reuters

Oil slips as demand worries erase early bounce from Saudi price increase - Reuters:

Oil prices slipped on Thursday as global supply and demand worries erased earlier gains seen from an increase in Saudi Arabia’s official crude selling price and a surprise rise in Chinese exports last month.

Brent LCOc1 futures fell 26 cents, or 0.9%, to settle at $29.46 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 44 cents, or 1.8%, to settle at $23.55. 


Earlier in the day, Brent was up over 5% and WTI up over 10%. For the week, Brent was still up about 11% and WTI up about 18%.

Both benchmarks have rallied sharply this week as countries have eased coronavirus-related lockdowns and fuel demand has rebounded modestly. Oil production worldwide is also declining to reduce a growing supply glut.