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Gulf Today Report
Oil prices dropped on Thursday following an unexpected gain in US crude inventories and resurgence of COVID-19 cases in India.
Brent crude futures fell 20 cents, or 0.3%, to $65.12 a barrel by 05:27 GMT while US West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.3%, at $61.14 a barrel, after losing $1.32 on Wednesday.
According to the Energy Information Administration, US crude oil stockpiles unexpectedly gained, rising by 594,000 barrels countering analysts’ expectations of a 3 million barrel drop.
Satoru Yoshida, a commodity analyst with Rakuten Securities said, "What is hurting the market sentiment is also the fact that the COVID-19 pandemic is spreading again at a fast pace in India and Japan despite the fact there had been hopes that the spread of vaccination would improve the infection situation."
On Thursday, India, the world's third-largest oil user recorded 314, 835 new coronavirus cases, the highest daily increase recorded globally.
The world 4th oil importer, Japan is likely to issue a third state of emergency on Tokyo and other western prefectures.
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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