Oil futures dipped on Thursday as a surge in coronavirus cases and tighter economic restrictions around the globe weighed on fuel demand expectations, also dragging down equities globally. Brent crude futures dropped 27 cents to $44.07 a barrel by 0911 GMT US West Texas Intermediate crude dropped 43 cents to $41.39 a barrel. A rising dollar made oil more expensive for holders of other currencies.But Brent’s six-month contango, a market structure implying recent oversupply, was at its shallowest in over four months on Thursday, suggesting concerns over a glut are easing somewhat.US crude inventories increased 768,000 barrels last week, less than the 1.7 million barrels analysts anticipated in a Reuters poll, government data indicated. Distillate stockpiles, which include diesel and heating oil, dropped by 5.2 million barrels, far surpassing expectations.