Oil slips on weaker demand outlook after U.S. gasoline stocks build

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Oil prices dropped in early trade on Thursday, adding to heavy losses overnight, after a build in U.S. gasoline inventories pointed to a deteriorating outlook for fuel demand as coronavirus cases soar in North America and Europe.

FILE PHOTO: A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford

Overall product supplied, a proxy for demand, averaged 18.3 million barrels per day in the four weeks to Oct. 16, the EIA said - down 13% from the same period a year earlier. With new daily COVID-19 infections hitting records in several U.S. states and in Europe, new lockdowns and China’s clampdown on outbound travel to help stem the spread of the disease bode ill for fuel demand.

“The resurgence in coronavirus cases is seeing the U.S. motorist increasingly putting the brakes on. This makes the negotiations on a U.S. stimulus package even more important,” ANZ Research said in a note.

 

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Great, I was a temporary employee for 3 years & was laid off last Mar. I expected it in as much as I only worked 4 days. But I keep looking at prices to rise & it's not happening. There is no job opportunities in the industry, although I am well respected In my area of expertise

Do đại dịch Covid-19, các nước trên thế giới đều bị ảnh hưởng, sản xuất ngưng trệ, thuế các loại của các nhà sản xuất không có để đóng cho chính phủ. Chính phủ các nước phải in tiền, bán tài sản, vay dài hạn của dân, lạm phát tăng.

R_fut_moore

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