Oil Prices Halt its Surge Over Demand Worries

Oil-Prices-Halt-its-Surge-Over-Demand-Worries

In an interesting turn of events on Thursday, oil prices halted its journey to the up amid the reports of US data showing a fall in the demand of gasoline and recovery from the coronavirus pandemic lagging.

The US WTI (West Texas Intermediate) crude futures (CLc1) were up at $41.60 by 0.22 per cent or 9 cents 0349 GMT. On the other hand, Brent crude (LCOc1) climbed up 2 cents to $44.45 a barrel, which is 0.05 per cent. 

Notably, both benchmarks plunged by more than 2 per cent on Wednesday, where WTI was down to its four weeks low, and Brent braved its weakest since August 21, 2020.

Reportedly, the US gasoline demand slipped to 8.78 million BPD last week from 9.16 million BPD a week before. 

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