Oil ends lower, retreating from recent gains as COVID cases rise | Reuters
Oil prices fell on Wednesday, pulling back from recent gains, on concerns that rising global COVID-19 will hamper global fuel demand.
The market did find some support from weekly inventory figures that showed a drop in crude inventories and rising refinery production.
Brent crude prices settled at $56.06 a barrel, down 52 cents, or 0.9%. U.S. West Texas Intermediate (WTI) settled at $52.91 a barrel, falling 30 cents, or 0.6%.
Fuel demand has rebounded from last spring’s shock falloff as the COVID-19 pandemic worsened, but governments continue to place restrictions on travel that will restrain energy demand for months, analysts said.
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