Crude Oil Futures Drifting Lower On Demand Concerns
Crude oil prices are lower in thin deals Thursday morning, with traders largely staying away due to the holiday shortened week.
Worries about outlook for energy demand amid rising coronavirus cases and tighter restrictions on movements in several countries weigh on the commodity.
The rollout of coronavirus vaccines in several countries, including the U.S., the U.K. and Canada, and recent data from the Energy Information Administration (EIA) showing a larger than expected drop in crude inventories in the U.S. in the week ended December 25th are limiting oil’s decline.
West Texas Intermediate crude oil futures for February are down $0.29, or 0.6% at $48.11 a barrel.
Brent crude futures are down $0.41 or 0.77% at $51.22 a barrel.
Traders now look ahead to the upcoming meeting of the OPEC and its allies, scheduled to take place on January 4, 2021.