Oil dips on bigger incentories

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    MELBOURNE/SINGAPORE – Oil slipped on Thursday after industry data showed a surprise build in US crude inventories that reignited pandemic-led demand concerns, but stimulus hopes in the United States limited the downturn in prices.

    US West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.5 percent, to $53.07 a barrel at 0500 GMT, following two days of gains on expectations of massive COVID-19 relief spending under new US President Joe Biden.

    Brent crude futures dropped 22 cents, or 0.4 percent, to $55.86 a barrel.