Oil Is Getting Cheaper

By Marko Vidrih on The CapitalOil prices are falling on Thursday morning as the rise in the number of new cases of coronavirus in China and the US has renewed concerns over a slow recovery in demand, according to trading data.This morning the price of futures for the North Sea Brent crude oil mixture fell by 0.71% to $40.42 per barrel. July futures for WTI crude oil fell 1.13% to $37.53 per barrel.Concern over fuel demand increased after a surge in coronavirus cases led schools to remote learning, canceled flights, and closed cultural events in Beijing. Some US states, including Texas, Florida, and California, have reported a sharp increase in the number of new cases.The growth of US oil inventories to a record high for the second week in a row also affected market sentiment. U.S. commercial oil reserves (excluding strategic reserves) for the week ending June 12 increased by 1.2 million barrels to 539.28 million barrels, thus updating the historical record reached a week before.Author: Marko VidrihFeatured image credit: UnsplashCryptomarkshttps://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/hrefOil Is Getting Cheaper was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Author: Marko Vidrih