09.07.2020 WTI Daily Analysis

09.07.2020 WTI Daily Analysis

Oil prices edged lower on Thursday as concerns about renewed COVID-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand. Brent crude futures fell 21 cents, or 0.4%, to $43.08 by 0908 GMT, after gaining 0.5% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures dipped 25 cents, or 0.6%, to $40.65 a barrel , after  rising 0.7% on Wednesday. The market is also in a holding pattern ahead of a meeting on July 15 of the market monitoring panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. Oil prices rose on Wednesday as data from the U.S. Energy Information Administration showed U.S. gasoline stockpiles fell by 4.8 million barrels last week, much more than analysts had expected, as demand climbed to 8.8 million barrels per day (bpd), the highest level since March 20.