Oil rises after drop in U.S. crude stocks suggests demand pickup

📆 1/7/2020 4:25 pm
📰 Reuters

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Oil prices rose more than 1% on Wednesday after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

FILE PHOTO: The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. REUTERS/Alexey Malgavko

Crude inventories dropped by 8.2 million barrels to 537 million barrels, against analysts’ forecasts for a draw of 710,000 barrels. The 13-member grouping produced an average of 22.62 million barrels per day in June after they agreed to cut output, a Reuters survey found, down 1.92 million bpd from May’s revised figure.

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In other news Twitter stock continues to dive even though the NASDAQ hit a record high and the Dow Jones has nearly recovered from a 'pandemic' shut down

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Oil prices slip as weak Japan data exposes market jitters over fragile demandOil prices fell in early trade on Tuesday after weak Japanese industrial production data, not usually a market-moving factor, was enough to jangle trader nerves over a bumpy recovery in fuel demand as coronavirus pandemic restrictions ease. Oil prices slipped on oily surface. F*ck the market. Seriously. They drive bikes over there. Please Stop!! $Spy
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