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Gulf Today Report
Oil prices dropped on Tuesday due to gains in US stockpiles increasing concerns about demand as some European countries pause COVID-19 vaccinations.
Brent crude was down 49 cents, or 0.7%, at $68.39 by 04: 33 GMT while US crude was down 47 cents, or 0.7%, at $64.92 a barrel.
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Although oil demand has recovered to pre-pandemic levels, the slow-paced of vaccination in most countries has capped it.
In the United States, stockpiles have recorded an increase after refining operations were paused last month due to bad weather conditions.
Avtar Sandu, senior manager of commodities at Philip Futures in Singapore said "prices are pressured by expectations that last month's winter storm in Texas could keep boosting crude inventories."
Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained 28 cents or 0.5% to $61.56 a barrel.
US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel.
Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel.
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