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Oil Extends Drop on U.S. Stockpiles Build and China Virus Fear


Thursday, 18 June 2020 07:43 WIB

Minyak WTIMinyak MentahMinyak Brent


Oil dropped for a second day after a bigger-than-expected build in U.S. crude inventories worsened sentiment in a market already nervous about the potential for a second coronavirus wave in China.

Futures in New York fell toward $37 a barrel after dropping 1.1% on Wednesday. American stockpiles swelled by more than 1.2 million barrels last week, the Energy Information Administration said, suggesting demand isn't recovering as quickly as anticipated. Gasoline inventories shrunk, however, reflecting a slight pickup in consumption as the summer driving season gets underway.

West Texas Intermediate for July delivery fell 1.7% to $37.33 a barrel on the New York Mercantile Exchange as of 8:18 a.m in Singapore. Brent for August settlement declined 1.3% to $40.20 on the ICE Futures Europe exchange after dropping 0.6% on Wednesday.

Source : Bloomberg


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