Brent crude futures for March rose 17 cents, or 0.3%, to $54.92 a barrel by 0150 GMT after slipping 35 cents in the previous session
US oil was down by 43 cents, also nearly 1%, at $51.93 a barrel, having declined 2.3% in the previous trading session
Brent fell $1.32, or 2.3%, to settle at $55.10 a barrel
NEW YORK (Reuters) - Oil prices fell on Wednesday, pulling back from recent gains, on concerns that rising global COVID-19 will hamper global fuel demand.
Futures in New York rose for a seventh session toward $54 a barrel, heading for the longest run of gains since February 2019
US crude oil stockpiles likely fell for a fifth straight week, while refined products inventories were seen up last week
Mainland China saw its biggest daily increase in virus infections in more than five months, authorities said on Monday
Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the week
The move caps a stellar few months for the oil market, with crude emerging as a favored play to bet on coronavirus vaccines and global reflation
Brent crude rose 18 cents to $54.48 a barrel by 1:32 p.m. EST (1832 GMT) after touching $54.90, a high not seen since before the first Covid-19 lockdowns in the West
Overall, market breadth remained in the favour of the bulls with nearly two stocks rising against a stock that declined at the bourses
UBS expects Brent to trade at $63 per barrel in the second half of 2021
After taking support at 200 DMA, natural gas made bullish candle indicating bulls trying to stage comeback
While Covid-19-led lockdowns across the globe destroyed demand in the early part of 2020, a supply cut-driven rally and sharp recovery in the auto sector have emerged as big themes
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A weak greenback makes dollar-denominated commodities such as crude oil cheaper to holders of other currencies.
US WTI crude futures fell 46 cents, or 1%, to $46.56 a barrel at 0142 GMT, while Brent crude futures dropped 46 cents, or 0.9%, to $49.62.
The United States began vaccinating people on Monday as the country's Covid-19 death toll crossed the 300,000 mark
Oil prices dipped in early trade, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East
Brent crude futures for February rose 54 cents, or 1.1 per cent, to $50.51 a barrel by 09.50 GMT, while US West Texas Intermediate crude futures for January were up 46 cents, or 1 per cent