Business Oil plunges due to corona and "US inventory"

Oil plunges due to corona and “US inventory”

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The United States experienced the second largest increase in casualties since the start of the pandemic. There are also increases in China, Latin America and India, which have caused investor concern and pressure on oil prices.

“The market is sending a signal that if you don’t get a lasting assurance that we are going beyond the demand crunch that happened due to the pandemic, higher oil prices wouldn’t really make sense,” said Jane McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. Reuters.

Brent crude settlement price was set at $ 40.31 a barrel, down $ 2.32, or 5.4 percent.

US West Texas Intermediate crude closed at $ 38.01 a barrel, down $ 2.36, or 5.8 percent.

Prices were also affected by the rise in the dollar, which is moving in the opposite direction of oil, and by a decline in stocks.

US crude oil inventories increased 1.4 million barrels last week, exceeding analysts’ expectations in a Reuters poll, which was to increase 299,000 barrels, according to the Energy Information Administration.

This is the third consecutive record for US crude inventories.

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The United States experienced the second largest increase in casualties since the start of the pandemic. There are also increases in China, Latin America and India, which have caused investor concern and pressure on oil prices.

“The market is sending a signal that if you don’t get a lasting assurance that we are going beyond the demand crunch that happened due to the pandemic, higher oil prices wouldn’t really make sense,” said Jane McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. Reuters.

Brent crude settlement price was set at $ 40.31 a barrel, down $ 2.32, or 5.4 percent.

US West Texas Intermediate crude closed at $ 38.01 a barrel, down $ 2.36, or 5.8 percent.

Prices were also affected by the rise in the dollar, which is moving in the opposite direction of oil, and by a decline in stocks.

US crude oil inventories increased 1.4 million barrels last week, exceeding analysts’ expectations in a Reuters poll, which was to increase 299,000 barrels, according to the Energy Information Administration.

This is the third consecutive record for US crude inventories.

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