Home NewsEnergy | Petroleum Oil around $ 42, U.S. stocks under watch

Oil around $ 42, U.S. stocks under watch

by Bunkerist
0 comment

Oil traded close to $ 42 a barrel on Wednesday. The US crude oil stocks unexpectedly increased their cap prices, and a growing number of coronavirus cases around the world are fueling concern for a stall in demand.

U.S. crude inventories are said to have increased by 691,000 barrels rather than falling as analysts had predicted. Official inventory amounts will be announced at 1430 GMT.

Brent crude rose 23 cents or 0.6% to $41.95 by 0945 GMT, reversing an earlier drop. West Texas Intermediate (WTI) crude was up 13 cents or 0.3% at $39.93.

Both contracts fell more than 4% on Monday, though they rose on Tuesday.

Oil prices are relatively good given all the winds they are facing, the value of the US dollar, concerns about demand, increased supply.

With an excess of supply from Libya, growing infections in countries such as India, France and Spain and new restrictions in Britain are raising concerns about demand. In the United States, the death toll from COVID-19 has exceeded 200,000.

In April, Brent fell below $ 16, the lowest level in 21 years, while oil collapsed as demand decreased due to the epidemic. A record production cut by the Organization of Petroleum Exporting Countries and its allies known as OPEC + helped to boost prices.

Leave a Comment