Oil falls on oversupply fears after build in U.S. crude stocks

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Oil prices slid more than 1 percent on Wednesday, paring the previous day's gains, as a jump in U.S. crude inventories and surging COVID-19 cases raised fears of an oversupply of oil and weak fuel demand.

U.S. crude oil and gasoline stocks rose last week, data from industry group the American Petroleum Institute showed, with crude inventories rising by 4.6 million barrels to about 495.2 million barrels, against analysts’ expectations in a Reuters poll for a build of 1.2 million barrels. [EIA/S]

Energy firms and ports along the U.S. Gulf Coast prepared on Tuesday for another test as Zeta, the 11th hurricane of the season, entered the Gulf of Mexico. Infections are surging again in the United States, with nearly half a million people having contracted the coronavirus in the last seven days. European governments, meanwhile, prepared to introduce new restrictions to keep cases under control.

 

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HOLY BITCOIN, BATMAN!!! No stopping her now! A week after the PayPal/Venmo adoption, JP Morgan is on board and Microstrategy announced $100 million profit in two month investment!!! Industrial and commercial industry FOMO is going to drive the price to the mooooooon!!!! 🚀

oil is finite, give everyone a tesla or the like and lets start over, infrastructure, the sun will not go red giant for another 5 billion years and its free, no microplastics or whale killing spills

Remember when covid first started and oil was in the negatives so trump was paid to take it off their hands

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Iran’s oil minister says Tehran's oil industry will not yield to U.S pressure: tweetIran’s oil minister said on Twitter on Monday that Tehran's oil industry will not yield to pressure from the United States. Iran garbage 🗑 The US produces more oil than them here in the States so if they want to compete on the global stage... yeah, you will bow to the pressure Oh yes it will
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