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Oil slips as demand worries outweigh U.S. stocks draw

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Oil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks.

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. Picture taken November 22, 2019. REUTERS/Angus Mordant

U.S. West Texas Intermediate crude CLc1 futures were down 34 cents, or 0.8%, at $42.55 a barrel, having ended unchanged the previous day. U.S. crude inventories fell by 4.3 million barrels to about 512 million barrels, more than analysts’ expectations for a 2.7 million-barrel draw, industry data from the American Petroleum Institute showed after the markets closed on Tuesday. Gasoline stocks rose, API said. [EIA/S] [API/S]

“It’s challenging to make heads or tails out of the oil market these days,” he said in a note. “The market is struggling to make new highs as demand concerns remain tethered to the hip of the coronavirus worries as OPEC returns more barrels to market this month.”

 

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Oil slips as demand fears outweigh strong U.S. stocks drawOil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks. It’s like fucking onion headine - just need byline of “but the rich knows how to fu I the poor and will have them brag about having been raped by somebody rich. ——— Capitalism- it’s like, economic Stockholm syndrome! Awesome, somebody now tell California that. Let Dinosaur fuel go extinct!
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