Oil prices slip from two-month high

19/11/2020 Argaam

Oil prices declined during Asian trading on Thursday, erasing some of the gains from the previous session, amid rising COVID-19 cases and increased lockdown measures in US with New York City announcing schools closure.

 

Brent crude was trading down 0.6% at $ 44.08 a barrel, at 8.56 am Makkah time. The international benchmark settled at $44.34 at the close of previous session – the highest since September.

 

WTI crude for December delivery fell 0.8% to $41.48 a barrel. Declining from $41.82 at yesterday’s close, which was also the highest since September.

 

On the upside, the US crude inventories rose 768,000 barrels last week, according to data from Energy Information Administration.

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