Commodity News
HeadLine : Oil rises after surprise drop in U.S. inventories offsets demand concerns
Date : Jul 29 2020
Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States decreased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Brent crude was up by 24 cents, or 0.6%, at $43.46 a barrel, after dropping 0.4% on Tuesday. U.S. oil gained 14 cents, or 0.3%, to $41.18 a barrel, having dropped 1.4% in the previous session. Inventories of crude oil in the U.S. dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday. The raging COVID-19 pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market as record numbers of infections are reported globally, including the U.S., the world’s biggest consumer of oil. Four U.S. states reported one-day records for coronavirus deaths on Tuesday and cases in Texas passed the 400,000 mark. Attempts to provide relief amid the outbreak were in disarray as Republicans in the U.S. disagreed over their own plan for providing $1 trillion in new coronavirus aid on Tuesday. 

Source : Reuters
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