Oil drops more than 6% as fears over second wave of coronavirus cases hit the market

Oil has been rallying on the back of an uptick in demand paired with record supply cuts, but data on Wednesday from the U.S. Energy Information Administration showed a surprise build in inventory, suggesting that the demand recovery may have stalled.

Another key driver of WTI's recent recovery, which has seen prices jump more than 50% in the last month, has been producers curbing output. Over the weekend, OPEC and its oil-producing allies agreed to extend its record production curb — equivalent to about 10% of pre-coronavirus global demand — through the end of July.

But with oil moving higher in recent weeks, some producers have begun to open the taps once again, which could send prices lower. "How prices develop further will depend a lot [on] how much and how quickly this shut production will come back to business," she added.

Isn't hospitalizations and deaths the only data that matters- cases is somewhat irrelevant especially as testing ramps up?

Make that -9.3%

Make that more than -8%

FunInMia Still in the first wave...it’s just beginning. 🤷🏻‍♀️

OooOoOO spooky coronavirus! Sell your shaaaares, it's spoooOOoOoooky!

RS and opec delay their normal production for 2 months. Now, stupid trump and his economic council clowns sneak in to derail RS nordstream2 and turkey stream projects. Obviously, RS will retaliate by allowing the oil black market filled up. WTI will be dead again.

'Well nobody told me about that'

Make that more than -7%

and it is what is being evaluated. When the order will be given. There will be more economic damage, it will be, but it recovers, people's lives do not recover, and how it affects the family environment of those who die. Close now and work later .... anticipate

come on guys stop panicking

No fears last week during protests

About goddamn time

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