Oil24 Jun 2020 05:31
BUSINESS NEWS
JUNE 24, 2020 / 2:37 AM / UPDATED 2 HOURS AGO
Oil edges lower as U.S. stockpiles grow more than expected
Yuka Obayashi
TOKYO (Reuters) - Oil futures edged lower on Wednesday, extending losses from the previous day, after U.S. crude stockpiles grew more than expected, adding to worries about oversupply.
U.S. crude inventories rose by a much bigger than expected 1.7 million barrels last week, according to industry group the American Petroleum Institute (API), well ahead of analysts’ expectations for a 300,000-barrel build. [API/S]
New cases of COVID-19 rose 25% in the United States in the week ended June 21 compared to the previous seven days, a Reuters analysis found. [nL1N2DZ1AL]
China, the world’s top crude importer, is also expected to slow crude imports in the third quarter, after record purchases in recent months, as higher oil prices hurt demand and refiners worry about a second virus outbreak. [nL4N2DT14P]
With this type of increase in virus levels my thinking is that for the USA this is far from over.