Oil prices turned lower on Thursday on profit-taking, to head for the first daily loss in 5 days, while today's loss is being ebbed as concerns recede about the US oversupply. 

US crude fell 1.3% to $41.64 a barrel, while Brent fell 0.8% to $44.88 a barrel. 

US crude rallied 1.7% on Wednesday, the fourth profit in a row, marking a five-month high at $43.50 a barrel, while Brent rose 2.25% to the highest since March at $46.22. 

Oil's gains came after the US Energy Administration reported a drop in commercial inventories by 7.4 million barrels in the week ending July 31, passing estimates of a 3.4 million.

Total stocks tumbled to 518.5 million barrels, the lowest since April 10 in a positive sign for US demand. 

US output fell 100 thousand bpd last week to a total of 11 million bpd, while remaining the world's top producer.

At 08:00 GMT, the Bank of England (BoE) released the summary of the Monetary Policy Committee's vote at the end of its meeting on August 6, which showed that all members have voted to keep the interest rates unchanged at 0.10%, and all 9 members voted in favour of holding the asset purchase programme at £745 billion, after 8 members voted for increasing the programme by £100 billion in the previous meeting.

At 08:00 GMT, the Bank of England (BoE) decided at the end of its meeting on August 6, to fix its Asset Purchase Programme at £745 billion as was expecte, after the bank expanded it by £100 from £645 billion to support the economy against the coronavirus impact.

At 08:00 GMT, the Bank of England unveiled its rate decision at the end of its August 6 meeting, to keep interest rates at 0.10% unchanged, which was widely expected, as the bank has held two emergency meetings during March to respond to the coronavirus impact, and delivered 2 rate cuts with the first at 50 basis points and the second at 15 basis points.