Black commodities continued to trade lower on Wednesday after seeing an increase in US crude oil supply.
According to data released by the American Petroleum Institute (API) on Tuesday, U.S. crude oil inventories increased 1.14 million barrels last week, as well as a significant increase in gasoline and refining stocks.
Next, market focus is now focused on official weekly data from the U.S. Energy Information Administration (EIA) tonight.
The benchmark Brent crude futures fell 25 sen to $ 48.59 a barrel ahead of the European session, while the US WTI declined 20 sen at $ 45.38 a barrel.
However, the decline in oil prices was relatively limited as market sentiment was also influenced by positive news about the Covid-19 vaccine.
Britain began vaccinating its population on Tuesday after the Medicines and Health Products Regulatory Agency (MHRA) approved its use last week.
Meanwhile, the U.S. Food and Drug Administration (FDA) will meet on Thursday to discuss the use of vaccines. If the FDA approves of emergency use during its meeting, the distribution of the vaccine can begin within 24 hours.
The FDA has also issued a document that does not raise any issues regarding the safety and effectiveness of vaccines ahead of the meeting.
