Oil drops on worse than feared rise in U.S. fuel stocks

  • 📰 Reuters
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Oil prices fell in early trade on Thursday after U.S. crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns.

FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo/File Photo

U.S. West Texas Intermediate crude futures fell as much as 5% to a low of $31.14 and were down 3%, or 97 cents, at $31.84 at 0019 GMT.Data from the American Petroleum Institute industry group showed crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts’ expectations for a draw of 1.9 million barrels.

“It just indicates that demand recovery is progressing but it’s not strong enough yet to be really self-sustaining,” National Australia Bank’s head of commodity research, Lachlan Shaw said. Shaw said crude was also weaker amid scepticism about the tightness of Russia’s relationship with Saudi Arabia, even after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed on further “close coordination” on oil output cuts.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Hopefully it drops for a long time.

garciabanchs diculpe pero sus predicciones son muy desasertadas. Por favor prediga que la intervención ya no se va a dar, a ver si se da. PLEASE.

A V shaped recovery is not in the cards. The White House is playing a Joker.

Why is gas still almost $2.00 a gallon in OH They should be giving that shit away for free at this point!!

I doubt these things are related.

RobertMartinLT interesting development

Would you fill up your bathtub with oil now?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil price timeline from start of price war, negative levels, May rally - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. How much did we pour into it to get it to 'rally'?
Source: BusinessInsider - 🏆 729. / 51 Read more »