Oil prices slip ahead of US inventory data

Oil prices edged lower on Wednesday ahead of data on crude oil inventories in the United States, and as countries in Europe continue with stricter lockdown measures to control the spread of coronavirus.

Analysts at FGE said in a note that the biggest near-term downside risk to oil demand expectations is the United States, predominately due to persistent weaknesses in US gasoline demand, given the current trajectory of COVID-19 in the country, Reuters reported.

In terms of trading, international benchmark Brent crude was down 0.1% at $50.69 per barrel, at 9.05 am Makkah time.

WTI crude fell 0.1% to $47.57 a barrel.

Meanwhile, US crude inventories rose by 2 million barrels in the week to Dec. 11 to about 495 million barrels, according to American Petroleum Institute.

The official data on US stockpiles is expected later today from Energy Information Administration