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Oil prices slide on concerns about patchy demand recovery, record U.S. stocks

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Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve projecting recovery from the pandemic would take years.

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

Brent crude LCOc1 futures fell 2.0%, or 85 cents, to $40.88 a barrel, also giving up gains from Wednesday. “The recent rally in crude oil prices stalled as rising inventories showed the path to a recovery will be a rocky one,” ANZ analysts said in a note. At the same time, gasoline stockpiles grew more than expected to 258.7 million barrels. Distillate stockpiles, which include diesel and heating oil, rose by 1.6 million barrels, but the increase was smaller than in previous weeks.

 

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Oil investment has caused wars, famine and unprecedented environmental damage. Calling it. Totally bum futures investment. For a myriad of reasons. Damn right it’s on the slide. As it should be.

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