Tue. Oct 20th, 2020

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Oil prices sink

1 min read
Raw Crude oil

Oil prices slid on Thursday after data showed U.S. crude stockpiles unexpectedly rose last week, stoking concern about a sluggish recovery in fuel demand as coronavirus cases continue to surge in many countries.

U.S. West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.63%, to $37.81 a barrel at 0417 GMT, after climbing 3.5% on Wednesday.

Brent crude futures dropped 17 cents, or 0.42% to $40.62 a barrel, after rising 2.5% on Wednesday.

The oil market is under pressure on the prospect of both subdued demand and rising supply, ANZ analysts said in a note. The U.S. Energy Information Administration (EIA) will release official weekly inventory data later on Thursday, a day later than normal following this week’s U.S. Labor Day holiday.

 

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