Oil dips after surprise rise in U.S. crude stocks; focus on Biden, stimulus | Reuters

Oil dips after surprise rise in U.S. crude stocks; focus on Biden, stimulus | Reuters

Oil slipped on Thursday after industry data showed a surprise build in U.S. crude inventories that reignited pandemic-led demand concerns, but stimulus hopes in the United States capped the downturn in prices.

U.S. West Texas Intermediate (WTI) crude futures dipped 19 cents, or 0.4%, to $53.12 a barrel at 0725 GMT, following two days of gains on expectations of massive COVID-19 relief spending under new U.S. President Joe Biden.

Brent crude futures were down 16 cents, or 0.3%, to $55.92 a barrel.

U.S. crude oil inventories rose 2.6 million barrels in the week to Jan. 15, according to data from the American Petroleum Institute, an industry group, compared with analysts’ forecasts in a Reuters poll for a fall of 1.2 million barrels.