Crude oil prices were steady on Thursday while new cases of coronavirus were reported throughout Europe. Some European countries including Germany, Britain, and France have set travel limits all over again to control the spread of the disease. This has affected gas and oil demand.
However, fuel demand in the U.S. is kept under control following the new limits. Data Shows that the average demand for gasoline in a period of four weeks was down 9 percent from a year ago. On Wednesday, crude inventories slipped by 1.6 million barrels and gasoline by 4 million barrels.
Craig Erlam, a senior analyst at OANDA, said that although prices have settled during the week, they are still vulnerable.
Also as the number of Americans who file claims to get unemployment benefits is increasing, prices are affected.