Picture used for illustrative purpose. File

Gulf Today Report 

Oil declined on Thursday as US crude stocks gains, reviving pandemic-led demand worries, however, US stimulus hope curbed the slip in prices.

US West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.5%, to $53.07 a barrel while Brent crude futures dropped 22 cents, or 0.4%, to $55.86 a barrel.

According to data, US crude oil inventories recorded 2.6 million barrels gain in the week to Jan.15. 

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In a note to clients, Axi chief market strategist Stephen Innes said: "oil prices look a tad vulnerable to potential profit-taking after US crude stockpiles bearishly rose 2.56 million against consensus draw."

Concerns over demand plays an important role in limiting gains in the market, said Warren Patterson, head of commodities strategy at ING.

"The government will be keen to get any outbreaks under control, particularly with the Chinese New Year fast approaching," he added.