On Thursday, oil quotations declined on signs of continued low demand for oil products in the United States, Interfax reports.
March futures for Brent fell in price on the London ICE Futures exchange by $0.19 (0.34%), to $55.87. Brent fell by $0.52 (0.9%) to $56.06 per barrel during the previous session.
February futures for WTI fell in price at electronic trading on the New York Mercantile Exchange (NYMEX) by $0.11 (0.21%), to $52.8 per barrel. On Wednesday, the contract fell by $0.3 (0.6%) to $52.91 per barrel.
Quotations fell on January 13, despite data from the US Department of Energy on reducing oil stocks in the country by 3.25 million barrels last week. As noted by S&P Global Platts, market participants are concerned about weak demand for petroleum products.
"In Europe, there is a subdued demand, and the road traffic in the UK has decreased by 42%, while global air travel is not showing significant recovery," said the experts.
Earlier it was reported that the price of Brent oil went up to $57.28.