Oil prices traded flat on Wednesday, with U.S. WTI trading remaining traded around $ 64 a barrel, constrained by the gloomy outlook on fuel demand due to the slowdown in vaccination campaigns in Europe.
Ahead of the opening of the European session, US WTI returned to climb by trading around $ 65.22 a barrel.
Meanwhile, Brent crude futures traded steady at $ 68.75 a barrel, after gaining gains earlier in the session.
Movement in the crude oil market has been limited since earlier this week due to concerns about vaccine launches stalled in most European countries due to the issue of the AstraZeneca vaccine which is suspected to have side effects on recipients.
However, the unexpected fall in U.S. crude oil supplies again supported the rise in black commodity trading higher ahead of today’s European session.
The American Petroleum Institute (API) reported a significant drop in U.S. crude oil inventories last week, with a drop of 1 million barrels after recording an increase of 12.8 million barrels in the previous week.
