Oil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the coronavirus pandemic.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
However, the rise in U.S. crude and fuel inventories, reported in post-settlement trade, stoked concerns over high supplies and put downward pressure on oil prices. Official data from the U.S. Department of Energy’s Energy Information Administration is due later on Wednesday.
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