Gulf News

Oil dips with US supply gain adding to global demand challenge

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NEW YORK. Oil slipped after an increase in US crude inventorie­s compounded concerns around a choppy global demand recovery.

While futures in New York came off session lows as the S&P 500 Index advanced, prices remained about 1 per cent lower yesterday. A US weekly inventory report showed the first gain in domestic crude supplies in a month. Meanwhile, a resurgent coronaviru­s in India is curbing fuel consumptio­n. “The price pullback has been over rising uncertaint­y in regards to global oil demand, given the rise in infections, particular­ly in India,” said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets.

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