Crude oil falls on rising inventories

Business | 2 Apr 2020 10:00 am

Oil prices fell on Wednesday after U.S. crude inventories increased last week by the most since 2016, while gasoline demand suffered its biggest weekly drop ever due to the coronavirus pandemic.

Crude inventories increased by 13.8 million barrels last week, the U.S. Energy Information Administration said. That was the biggest one-week rise since 2016. 

West Texas Intermediate (WTI) crude fell 17 US cents to settle at US$20.31 a barrel, after hitting a low at US$19.90. June Brent crude fell US$1.61 , or 6.1 percent, to US$24.74 a barrel. The global benchmark fell to US$21.65 on Monday, its lowest since 2002, when the now-expired May contract was the front month.

 

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