Oil prices edged lower on Thursday on surging coronavirus cases globally and rise in US crude stockpile. At 1520 hours GMT, Brent, the global benchmark for two-thirds of the world’s oil, went down by 0.66 percent to $55.71 per barrel, whereas US crude gauge West Texas Intermediate (WTI) decreased by 0.84 percent to $52.86 per barrel. The price for Opec Basket was recorded at $54.85 a barrel with 1.72 percent increase, Arab Light was available at $56.41 a barrel after a decrease of 0.7 percent while price of Russian Urals remained unchanged at $42.22 a barrel.