Oil futures dropped on Wednesday, extending losses from the previous day, after US crude stockpiles grew more than expected, adding to the worry about oversupply.
US crude inventories rose by a much bigger than expected 1.7-million barrels last week, according to industry group the American Petroleum Institute , well ahead of analysts’ expectations for a 300,000-barrel build. On Tuesday, both Brent and WTI contracts traded at their highest levels since prices collapsed in early March.
Still, the market remains concerned about a rising number of coronavirus cases in the US and elsewhere, said Kazuhiko Saito, chief analyst at Fujitomi.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Investors pressure oil companies to improve reporting on climate riskNews of BP joining other oil majors in lowering value of its assets amid global transition to cleaner energy signals campaign is working, investors say
Source: BDliveSA - 🏆 12. / 63 Read more »