Crude oil futures drifted lower on Thursday as the continued rise in coronavirus cases across the U.S. and in several European countries raised concerns about energy demand.

Oil prices were also hurt by data showing an increase in U.S. crude inventories in the week ended November 6.

Hopes about potential coronavirus vaccine and expectations that OPEC and allies will delay relaxing output curbs supported oil prices earlier in the day.

In addition to worries about a resurgence in Covid-19 cases, the continued impasse over a fiscal stimulus weighed as well on crude oil prices.

The International Energy Agency’s comments that oil demand was unlikely to receive a significant boost from the vaccine until well into 2021 added to oil’s woes. The OPEC too has lowered its energy demand forecast, citing concerns over rise in coronavirus cases.

West Texas Intermediate Crude oil futures for December ended down $0.33 or about 0.8% at $41.12 a barrel.

According to the data from Energy Information Administration (EIA), crude stockpiles rose by 4.3 million barrels last week, against expectations for a draw of 913,000 barrels.

Oil stored at Cushing, Oklahoma, declined 518,000 barrels last week, against expectations for a draw of 1.6 million barrels, the data said.

The EIA data also showed that gasoline stockpiles were down more by about 2 million barrels above forecast, while distillate stockpiles fell 3.5 million barrels more.

The material has been provided by InstaForex Company – www.instaforex.com

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