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Oil Prices Hit by Record U.S. Crude Inventories, Bearish Fed


Thursday, 11 June 2020 18:32 WIB

Minyak WTIbrent oilOil,Crude Oil


Oil prices fell on Thursday, hit by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year.

Brent crude futures erased Wednesday’s gains, falling 3.6%, or $1.50, to $40.23 a barrel by 0802 GMT. U.S. West Texas Intermediate (WTI) crude dropped 4%, or $1.57, to $38.03 a barrel.

With demand risks back at the forefront, both benchmarks are set for their worst daily drop in two weeks.

U.S. crude inventories rose unexpectedly by 5.7 million barrels in the week to June 5 to 538.1 million barrels - a record - as imports were boosted by the arrival of supplies bought by refiners when Saudi Arabia flooded the market in March and April, Energy Information Administration (EIA) data showed.

Source : Reuters


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