Oil slumps as US crude stocks build amid virus resurgence fears

SEOUL: Oil prices fell on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery of demand.

The rise in U.S. crude and fuel inventories, however, stoked concerns about a surplus and pressured oil prices, as the number of coronavirus infections surpassed 8 million globally and several U.S. states saw their case numbers spike. U.S. crude oil inventories rose by 3.9 million barrels in the week to June 12 to 543.2 million barrels, according to data from industry group the American Petroleum Institute, countering expectations for a fall of 152,000 barrels.Gasoline stocks rose by 4.3 million barrels and distillate fuels, which include diesel and heating oil, rose 919,000 barrels.

An OPEC-led panel will meet on Thursday to further discuss ways to strengthen and review compliance with producers' commitment to curb oil output.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil falls on rise in US crude stocks, virus resurgence fearsOil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Volkswagen invests extra US$200 million in US battery company QuantumScapeVolkswagen is increasing its stake in U.S. company QuantumScape by up to US$200 million to boost the development of solid-state battery technology ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US posts rule allowing US companies to work with Huawei on 5G and other standardsThe U.S. Department of Commerce on Tuesday posted a new rule that allows U.S. companies to work with China's Huawei to develop standards for 5G ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »