Oil struggles to recover after US petrol stocks build

📆 2020-10-22 9:41 PM
📰 BusinessTimes

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[NEW YORK] Oil prices ticked up on Thursday, boosted by the possibility of an economic stimulus package in the United States, but struggled to recover fully from the previous session's losses when higher US petrol inventories signalled a deteriorating demand outlook as coronavirus cases soar. Read more at The Business Times.

US petrol stocks rose by 1.9 million barrels last week, the Energy Information Administration said on Wednesday, compared with expectations for a drop of 1.8 million barrels.

Record new daily Covid-19 infection numbers in several US states and in Europe, along with further coronavirus lockdowns and China's crackdown on outbound travel, all bode ill for fuel demand. " might improve the demand tone for a week or two," said Lachlan Shaw, head of commodity research at National Australia Bank.

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