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Oil Prices Dip On Profit Taking

Oil prices fell on Thursday after rising sharply the previous day amid an upward revision in the global oil demand forecast by the International Energy Agency (IEA) and data showing a sharp drop in U.S. crude inventories.

Brent crude for June settlement dipped half a percent to $66.22 per barrel, while West Texas Intermediate crude oil futures were down 0.7 percent at $62.73.

The IEA has sharply raised its world oil demand estimate for 2021, pointing to further signs that the global economy is recovering faster than previously expected, particularly in the U.S. and China.

Data released by Energy Information Administration (EIA) showed crude oil inventories in the U.S. dropped by 5.9 million barrels last week compared with an expected draw of about 3.5 million barrels.

Investors monitored the latest news on the vaccine front, with Denmark becoming the first country in the European Union to drop AstraZeneca Plc's vaccine amid concerns over serious side effects.

A U.S. Centers for Disease Control and Prevention panel on Wednesday postponed making a recommendation about the continued use of the Johnson & Johnson's Covid-19 vaccine, saying that panel members want more information about the people who may be most at risk for blood clots.

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