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Oil slumps as U.S. crude stocks build amid virus resurgence fears

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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.

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant

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. Gasoline stocks rose by 4.3 million barrels and distillate fuels, which include diesel and heating oil, rose 919,000 barrels.

 

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Oil falls on rise in U.S. 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 coronavirus pandemic. Funny the virus rises same time they take away the malaria drug that worked now saying its dangerous just in time to introduce the life saving vaccine that they openly said will track “the virus”..... p99o
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