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Oil prices dropped on Wednesday after U.S. crude and fuel stocks rose, raising concerns about oversupply and declining demand amid the pandemic.
Brent crude futures lost 1.4%, or 59 cents, at $40.59 per barrel. U.S. West Texas Intermediate futures fell 1.9%, or 72 cents, at $38.22 per barrel.
Both benchmarks rose to their highest levels on Monday.
U.S. crude stocks rose 8.4 million barrels in the week ended June 5. Distillate fuel stocks, including heating oil and diesel fuel, climbed 4.3 million barrels.
While the U.S. unemployment rate fell in April, job hiring dropped to a record low, indicating that the labor market could take years to fully recover.
In Japan, machinery orders fell at its fastest pace in two years. However, the refinery run rate rose to 54.5%.
Oil prices have been buoyed in recent weeks amid the record production cuts imposed by OPEC and its allies.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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