Commodities

Oil turns lower on profit-taking

2020-08-06 11:38:30 GMT (Economies.com)

Oil prices turned lower on Thursday on profit-taking, to head for the first daily loss in 5 days, while today's loss is being ebbed as concerns recede about the US oversupply. 

 

US crude fell 1.3% to $41.64 a barrel, while Brent fell 0.8% to $44.88 a barrel. 

 

US crude rallied 1.7% on Wednesday, the fourth profit in a row, marking a five-month high at $43.50 a barrel, while Brent rose 2.25% to the highest since March at $46.22. 

 

Oil's gains came after the US Energy Administration reported a drop in commercial inventories by 7.4 million barrels in the week ending July 31, passing estimates of a 3.4 million.

 

Total stocks tumbled to 518.5 million barrels, the lowest since April 10 in a positive sign for US demand. 

 

US output fell 100 thousand bpd last week to a total of 11 million bpd, while remaining the world's top producer.

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