Oil falls as demand worries re-emerge, crews return to U.S. Gulf rigs | Reuters:
Oil prices fell on Thursday, after rising steeply in the two previous sessions, as concerns about weak fuel demand re-emerged and producers in the Gulf of Mexico prepared to resume output following Hurricane Sally.
Brent crude LCOc1 futures fell 67 cents, or 1.6%, to $41.55 a barrel at 0628 GMT, after climbing 4.2% on Wednesday.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 70 cents, or 1.7%, to $39.46 a barrel, after jumping 4.9% on Wednesday.
“We are seeing some profit-taking this morning from market participants who remain broadly sceptical that crude has priced in the market’s weaker turn through Q3-Q4 and specifically don’t buy into yesterday’s sharp rebound,” said Vandana Hari, oil market analyst at Vanda Insights.
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