An oil tanker waits in line in the ocean outside the Port of Long Beach-Port of Los Angeles complex, in Los Angeles, California, the US. Picture: REUTERS/LUCY NICHOLSONOil prices fell on Wednesday after an industry report showed an unexpected build-up in US oil inventories last week, which heightened the worry about a resurgence in Covid-19 infections potentially dampening fuel demand.
The market “has come under a bit of downward pressure in early morning trading today after a bearish and rather surprising inventory report from the API”, ING Economics analysts said in a note, referring to weekly figures from the American Petroleum Institute. Investors are awaiting data from the US Energy Information Administration to see whether it confirms there was an increase in crude inventories, which would end an eight-week streak of inventory drawdowns.
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