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Oil dips as surging coronavirus cases threaten demand recovery

Oil prices eased on Thursday as new restrictions to stem a surge in COVID-19 infections dimmed the outlook for economic growth and fuel demand. Traders said prices pared earlier losses after the U.S. Energy Information Administration (EIA) reported an increase in U.S. petroleum demand last week that helped reduce crude stockpiles, while distillate inventories dropped by the most since 2003 as Hurricane Delta cut oil production and shut Gulf Coast refineries. “The (EIA) report halted the (price) slide, which was threatening to turn into an avalanche earlier this morning,” said Robert Yawger, director of energy futures at Mizuho in New York.

Reuters UK - October 15, 2020

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