Sidebar

Exclusive Reports

16
Sun, May

Crude Oil Gains Regardless Of Surge In U.S Oil Inventories

Top Stories
Typography

Crude oil prices gained some ground on Thursday, at London's trading session, despite a surprise surge in U.S. crude oil inventories, while a persistent surge in new coronavirus cases continued to dampen the recovery in fuel demand.

Brent crude rose 7 cents, or 0.2%, to $44.36 a barrel by 0545 GMT. Also, the West Texas Intermediate gained 0.14%, to $42.11 a barrel.

Prices have been stalling since hitting a four-month high earlier in the week on hopeful news about a coronavirus vaccine.

U.S crude and distillate inventories surged unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp increase in coronavirus cases has started to hit U.S consumption.

However, the energy market is likely to take direction from a consumer confidence report expected from Europe in a few hours
time.

BLOG COMMENTS POWERED BY DISQUS