Crude Oil Gains Regardless Of Surge In U.S Oil Inventories

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Crude oil prices gained some ground on Thursday, at London's trading session, despite a surprise surge in U.S. crude oil inventories, while a persistent surge in new coronavirus cases continued to dampen the recovery in fuel demand.

Brent crude rose 7 cents, or 0.2%, to $44.36 a barrel by 0545 GMT. Also, the West Texas Intermediate gained 0.14%, to $42.11 a barrel.

Prices have been stalling since hitting a four-month high earlier in the week on hopeful news about a coronavirus vaccine.

U.S crude and distillate inventories surged unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp increase in coronavirus cases has started to hit U.S consumption.

However, the energy market is likely to take direction from a consumer confidence report expected from Europe in a few hours
time.

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