Brent oil price exceeds $61

Oil prices slipped this morning amid persistent concerns about a weak demand outlook, after posting sharp gains in the previous session following a surprise crude inventory drawdown in the United States.

Brent crude futures fell 17 cents (0.3%) to $61 a barrel by 0620 GMT. The international benchmark crude rose 2.5% today to settle at $61.17 a barrel, levels not seen since September 30.

WTI crude futures dropped 32 cents (0.6%) to $55.65 per barrel. U.S. crude closed 3.3% higher in the previous session.

U.S. crude inventories fell 1.7 million barrels in the week ended Oct. 18, compared with analysts’ expectations for a 2.2 million barrel build, data from the Energy Information Administration showed.

The EIA said the drawdown in weekly stocks came as refineries hiked crude runs and oil imports fell, which prodded a jump in both benchmark crude grades yesterday.

The prospect of deeper production cuts by OPEC and its allies also helped to cap a deeper slide in oil prices on Thursday, Reuters reported.