Oil prices fall on demand fears

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    SINGAPORE/MELBOURNE- Oil slid in Asia morning trade on Thursday despite a huge drop in US crude stock, as the strength in the US dollar and fresh fuel demand worries due to travel curbs and delays with coronavirus vaccines weighed on prices.

    US West Texas Intermediate (WTI) crude futures fell 33 cents, or 0.62 percent, to $52.52 a barrel, erasing Wednesday’s gain.

    Brent crude futures fell 36 cents, or 0.65 percent, to $55.45 a barrel, after losing 10 cents on Wednesday.

    The US dollar gained broadly, with its index up at 90.753 from a January low of 89.206, subsequently pressuring dollar-priced commodities.