Oil prices fell for the second day in a row on Thursday amid fears that fuel demand will fall due to the slow wave of coronavirus around the world, although losses were limited by shrinking US oil inventories and good data from China
"The rally in the oil markets likely ended as a stronger dollar and increased gasoline inventories offset the drop in US crude inventories," said Axi's Stephen Innes.
US oil inventories fell more-than-expected last week, while gasoline and distillate inventories rose as refineries ramped up production to their highest level since August, the Energy Information Administration said Wednesday.
At the same time, China, the second largest oil consumer in the world, reported a record increase in 10 months in the number of people infected with coronavirus per day - the number of positive tests for COVID-19 in Heilongjiang province almost tripled.
China's total crude oil imports rose 7.3% in 2020, despite the shock caused by the coronavirus pandemic earlier in the year, amid record shipments in the second and third quarters, customs data showed Thursday.
"The rally in the oil markets likely ended as a stronger dollar and increased gasoline inventories offset the drop in US crude inventories," said Axi's Stephen Innes.
US oil inventories fell more-than-expected last week, while gasoline and distillate inventories rose as refineries ramped up production to their highest level since August, the Energy Information Administration said Wednesday.
At the same time, China, the second largest oil consumer in the world, reported a record increase in 10 months in the number of people infected with coronavirus per day - the number of positive tests for COVID-19 in Heilongjiang province almost tripled.
China's total crude oil imports rose 7.3% in 2020, despite the shock caused by the coronavirus pandemic earlier in the year, amid record shipments in the second and third quarters, customs data showed Thursday.