Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks - Reuters

Oil prices mixed as coronavirus concerns undercut support from lower U.S. crude stocks - Reuters:

Oil prices were mostly flat on Thursday, as a boost from lower-than-expected U.S. crude stocks that lifted the market to five-month highs in the previous session gave way to fuel demand concerns amid rising coronavirus infections.

U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 3 cents, or 0.1%, to $42.16 a barrel by 0436 GMT, while Brent crude LCOc1 futures rose 9 cents or nearly 0.2% to $45.25.

The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles.

However, investors remained wary of rising U.S. refined product inventories at a time when U.S. central bankers said the resurgence in cases was slowing the economic recovery in the world’s biggest oil consumer.