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WASHINGTON (dpa-AFX) – Oil futures failed to hold on to early gains and settled lower on Thursday on uncertainty about the outlook for global oil demand and the likely oversupply in the market.
Expectations of more stimulus from the Chinese government and data from the American Petroleum Institute (API) showing a drop in crude inventories last week contributed to oil gains earlier in the day.
Earlier this week, China’s Ministry of Finance announced it will step up budget support for consumption next year by increasing pensions and health insurance subsidies for residents and expanding trade in consumer goods.
West Texas Intermediate crude futures for February fell $0.48, or nearly 0.7%, to $69.62 a barrel.
Brent crude futures closed $0.32, or about 0.43%, lower at $73.26 per barrel.
Figures from the American Petroleum Institute show that US oil inventories fell by 3.2 million barrels in the week ending December 20.
Distillate inventories – which include diesel and heating oil – fell by about 2.5 million barrels, but gasoline inventories rose by 3.9 million barrels.
The latest data from the Energy Information Administration will be released on Friday, with analysts expecting a decline in US crude oil and fuel inventories.
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