LONDON—Oil prices dipped but were trading in and out of positive territory on Thursday as investors weighed up tightening Russian supplies and the prospect of dwindling fuel demand in China.
Brent crude futures were down 63 cents, or 0.6 percent, at $104.69 a barrel by 1129 GMT. U.S. West Texas Intermediate crude lost 49 cents, or 0.5 percent, to $101.53.
Both contracts had gained 30 cents on Wednesday on concerns over tight global oil supplies and another drawdown in U.S. distillate and gasoline stocks. On Thursday the contracts traded in range of about $3 a barrel.
The U.S. Energy Information Administration said that crude stocks rose by only 692,000 barrels last week, short of expectations, but distillate inventories including diesel and jet fuel fell to their lowest since May 2008.
…