Oil Narrows Losses on US Inventory Data

Oil prices closed Thursday lower amid increased concerns for the second wave of the COVID-19 pandemic and its effect on the global demand recovery.

Brent crude futures for December delivery decreased by 16 cents, or 0.4%, to settle at $43.16 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for November delivery declined 8 cents, or 0.2%, to close at $40.96 per barrel.

Losses were limited by a better than expected decline in the US crude stockpiles.

Crude oil inventories in the United States declined by 3.8 million barrels last week, according to data by the US Energy Information Administration’s (EIA) weekly report.