Oil steady as coronavirus lockdown fears offset gasoline recovery signs

Oil prices were little changed on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand. U.S. West Texas Intermediate (WTI) crude futures dipped 3 cents, or 0.07%, to $40.

87 a barrel by 0443 GMT, after rising 0.7% on Wednesday. Brent crude futures edged up 2 cents, or 0.05%, to $43.31, after gaining 0.5% on Wednesday. "The market's struggling to get strong conviction to the upside at the current point in time," said Lachlan Shaw, head.

This article is no longer available in our repository.

There could be multiple reasons for this.