Oil falls following a decline in US inventories
Oil falls following a decline in US inventories
Picture used for illustrative purpose. File
Gulf Today Report
Oil slumped on Thursday due to the sharp fall in US crude stockpiles.
Brent futures were down 1 cent at $48.60 a barrel by 07:46 GMT, after rising around 1.6% in the previous session. West Texas Intermediate crude was off by 4 cents at $45.67 a barrel, after reaching a high of $46.09 earlier and gaining 1.8% on Wednesday.
Following AstraZeneca announcement of a 70% effective COVID-19 vaccine that could go up to 90%, both benchmarks jumped up to 8% earlier this week.
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