2020.08.0619:24:00UTC+00Oil Futures Settle Lower

Crude oil futures snapped a four-day winning streak and ended modestly lower on Thursday as traders weighed crude demand and supply levels amid the ongoing virus pandemic.

While recent data showing a much bigger-than-expected drop in inventories last week supported oil prices, concerns about outlook for energy demand due to the virus pandemic and the continued impasse over a new coronavirus relief package weighed on the commodity.

West Texas Intermediate Crude oil futures for September ended down $0.24 or nearly 0.6% at $41.95 a barrel.

On Wednesday, WTI crude oil futures ended up $0.49 or about 1.2% at $42.19 a barrel, the highest settlement since March 6.

Brent crude futures edged up $0.09 to $45.25 a barrel.

According to the data released by the Energy Information Administration (EIA) on Wednesday, crude inventories in the U.S. dropped by about 7.4 million barrels last week, almost 2.5 times the expected decline.

On the stimulus front, White House negotiators said they're no closer to agreeing with Democrats on the size and the scope of the latest stimulus package.

"If there's not a deal by Friday, there won't be a deal," Republican Senator Roy Blunt reportedly said.