Oil slips as demand worries outweigh U.S. stocks draw - Reuters

Oil slips as demand worries outweigh U.S. stocks draw - Reuters:

Oil prices steady on Wednesday as concerns lingered over soft U.S. fuel demand while global producers feared a second prolonged wave of the coronavirus pandemic was a major risk for the market recovery.

U.S. crude oil stockpiles USOILC=ECI fell 1.6 million barrels last week, while fuel demand was down 14% from the year-ago period over the last four weeks, Energy Information Administration data showed.

“The drop in gasoline demand week-over-week was a concern. That’s still showing weakness,” said Phil Flynn, a senior analyst at Price Futures Group in Chicago. “The only thing that is holding us back is demand,” he said.

Brent crude futures LCOc1 settled at $45.37 a barrel, down 9 cents.

U.S. West Texas Intermediate (WTI) crude CLc1 ended 4 cents higher at $42.93 a barrel, getting a late boost after Federal Reserve board minutes were released. The U.S. central bank is considering policy tweaks that could sustain aggressive stimulus measures.