Commodity News
HeadLine : Oil ticks up, but gains capped by demand destruction
Date : Jul 23 2020
U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp rise in coronavirus cases has started to hit U.S. consumption. Brent crude added 2 cents, or 0.1%, to $44.31 while U.S. West Texas Intermediate (WTI) crude gained 6 cents, or 0.1%, to $41.96 a barrel. Prices have been marking time since hitting a four-month high earlier in the week on hopeful news about a coronavirus vaccine. Crude inventories rose by 4.9 million barrels in the week to July 17 to 536.6 million barrels, compared with expectations in a Reuters poll for a 2.1 million-barrel drop. Production rose to 11.1 million barrels per day, up by 100,000 barrels per day. President Donald Trump said the outbreak would probably worsen before it got better, a shift from his previously robust emphasis on reopening the economy. The United States gave China 72 hours to close its consulate in Houston amid accusations of spying, marking a dramatic deterioration in relations between the world’s two biggest economies. 

Source : Reuters
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