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Oil Drops On Worse Than Feared Rise In U.S. Fuel Stocks


Thursday, 28 May 2020 08:33 WIB

MinyakWTIBrent


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Oil prices fell in early trade on Thursday after U.S. crude, gasoline and heating oil inventories all rose more than expected, dousing hopes of a smooth recovery in demand from coronavirus lockdowns.

The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+.

U.S. West Texas Intermediate (WTI) crude futures fell as much as 5% to a low of $31.14 and were down 3%, or 97 cents, at $31.84 at 0019 GMT.

Brent crude futures last traded down 2.3%, or 78 cents, at $33.96.

Source : Reuters


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