The oil price, which is worried about excess supply due to the increase in the US crude oil stocks, is mixed on Wednesday. With the reopening of the global economy, the drop in gasoline stocks, which boosted hopes for an improvement in fuel demand, balances the increasing crude oil stocks.
Brent crude was up 12 cents, or 0.3%, at $42.75 a barrel by 0643 GMT after falling to $42.30 earlier in the session.
West Texas Intermediate (WTI) crude futures fell 1 cents to $40.34 a barrel, paring some of earlier losses.
Oil prices dropped on Wednesday, reversing the rise of the previous session, the concerns of a second wave of coronavirus pandemics outweighed rather than the support from the gradual reopening of global economies.
US crude oil inventories are far beyond analysts’ expectations of 300,000 barrels. According to the records in last week, 1.7 million barrels more than expected.
However, US gasoline and distilled product stocks have dropped. Some economists are optimistic that fuel consumption increases along with the lockdowns waiver, which were applied to prevent the spread of the coronavirus pandemic crash.
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Some investors say that higher crude oil stocks in the US after the last rally are a sign that profits have been made.
Brent crude, which on Tuesday rose to its highest level since a price plunge began in March, slipped 47 cents, or 1.1%, to $42.16 a barrel by 0814 GMT.
The benchmark crude has climbed from below $16 in April but remains a third lower than its level at the end of 2019.
West Texas Intermediate (WTI) crude fell 59 cents, or 1.5%, to $39.78 a barrel.
As the economies came out of the lockdowns and global oil consumption began to recover, while the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, known as OPEC +, dropped production and the U.S. gas oil producers closed the wells.
Still, the market remains concerned about an increasing number of coronavirus cases in the United States and elsewhere.
New cases of COVID-19 increased by 25% in the United States the week ended June 21, and the number of deaths in Latin America exceeded 100,000 on Tuesday.
China, the world’s largest crude oil importer, is expected to slow down crude oil imports in the third quarter, after record purchases in recent months.
While the concerns about the second wave of the coronavirus pandemic limits the earnings, Brent is expected to hover between $ 35- $ 45 a barrel next week.