Oil Dips But Hold Onto Most Gains- 12 August, 2020

Oil managed to hold onto most of their gains on U.S. data that suggested an increase in demand due to a decrease in inventories. After gaining 2% the previous session, Brent crude dipped 8 cents to $45.35 per barrel. U.S. West Texas Intermediate fell 6 cents to $42.61 per barrel, having gained 2.6% the previous session. With the highest numbers since March, fuel demand in the U.S. was up to 19.37 million barrels per day last week. Crude inventories fell by 4.5 million barrels compared to analysts expectation of a 2.9 million barrel drop. The data from the Energy Information Administration showed a 10.7 million barrel per day drop in crude output, down from 11 million barrels per day.