Oil cuts gains after US inventories data

Oil prices rose on Thursday, but trimmed gains following the release of US inventories report, which showed that inventories rose, but still lower than expected.

The US Energy Information Administration revealed that the US oil inventories roe about 400 thouthan barrels, but fell short of expectations for 3.3 million.

While the American Petroleum Institute reported yesterday in preliminary data that inventories rose 4.2 million barrels during the same period.

Meanwhile, global markets are still mointring the impact of the coronavirus health crisis, amid signs of infections slowing down in China.

As of 18:58 GMT, West Texas crude gained 0.9% to $53.8 a barrel, after it hit a day high of $54.5 and a low of $53.2.

Brent also rose 0.4% to $59.3 a barrel, with a high of $60 and a low of $58.9.