Oil Prices Fall As Positive COVID-19 Cases Rise, Capped By U.S. Inventory Dip – 13 January, 2021

Globally rising COVID-19 cases caused oil prices to dip for a second day, however a larger than expected draw from U.S. crude stockpiles capped losses. Brent crude oil futures was 0.3% or 18 cents lower at $55.88 per barrel. U.S. West Texas Intermediate crude fell 0.2% or 11 cents to $52.80 per barrel.  The worlds largest oil consumer, China, has reported its highest number of positive coronavirus cases in over 10 months. The challenge of balancing supply and demand of oil over the last year as the virus and news of a vaccine spread has clouded the outlook and future moves have been harder to predict.