SINGAPORE/MELBOURNE- Oil prices fell on Thursday, after rising in the two previous sessions, as concerns about weak fuel demand re-emerged after production platforms in the southeastern United States took steps to resume output following Hurricane Sally’s passage.
Brent crude futures fell 36 cents, or 0.8 percent, to $41.86 a barrel, after climbing 4.2 percent on Wednesday.
US West Texas Intermediate (WTI) crude futures were down 43 cents, or 1.1 percent, to $39.73 a barrel , after jumping 4.9 percent on Wednesday.
“We are seeing some profit-taking this morning from market participants who remain broadly sceptical that crude has priced in the market’s weaker turn through Q3-Q4 and specifically don’t buy into yesterday’s sharp rebound,” said Vandana Hari, oil market analyst at Vanda Insights.
