Oil Down Over EIA Confirmation of US Crude Draw, Tight Supply Hopes Curb Losses By Investing.com – Investing.com

Oil Down Over EIA Confirmation of US Crude Draw, Tight Supply Hopes Curb Losses By Investing.com – Investing.com

By Gina Lee

Investing.com – Oil was down Thursday morning in Asia, as the U.S. Energy Information Administration (EIA) confirmed a surprise draw in U.S. crude oil supplies and soaring COVID-19 cases globally dampen the fuel demand outlook. However, the black liquid held on to most of its gains from the previous session over expectations that supplies will remain tight through the end of 2021.

gained 0.50% to $71.87 by 12:56 AM ET (4:56 AM GMT) after gaining 4.2% during the previous session. were up 0.47% to $69.97 after rising 4.6% on Wednesday.