Oil prices ticked higher on Thursday, although gains were limited by a surprise increase in U.S. crude oil reserves as the coronavirus pandemic hit fuel consumption.
Brent crude added 2 cents, or 0.1%, to $44.31 a barrel by 0207 GMT while U.S. West Texas Intermediate crude gained 6 cents, or 0.1%, to $41.96 a barrel. Prices have been marking time since hitting a four-month high earlier in the week on hopeful news about a coronavirus vaccine. Crude inventories rose by 4.9 million barrels in the week to July 17 to 536.6 million barrels, compared with expectations in a Reuters poll for a 2.1 million-barrel drop. Production rose to 11.1 million barrels per day, up by 100,000 barrels per day.
President Donald Trump said the outbreak would probably worsen before it got better, a shift from his previously robust emphasis on reopening the economy.The United States gave China 72 hours to close its consulate in Houston amid accusations of spying, marking a dramatic deterioration in relations between the world's two biggest economies.
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