Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve projecting recovery from the pandemic would take years.
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
Brent crude LCOc1 futures fell 2.0%, or 85 cents, to $40.88 a barrel, also giving up gains from Wednesday. “The recent rally in crude oil prices stalled as rising inventories showed the path to a recovery will be a rocky one,” ANZ analysts said in a note. At the same time, gasoline stockpiles grew more than expected to 258.7 million barrels. Distillate stockpiles, which include diesel and heating oil, rose by 1.6 million barrels, but the increase was smaller than in previous weeks.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Libya's National Oil Corporation declares force majeure on its largest oil field after shutdown by militiaLibya's National Oil Corporation has declared force majeure on exports from its largest oil field Tuesday, after a militia group shut it down just days after it resumed production following a six-month blockade.
Read more »
Wall Street 2021 oil price outlook, energy stocks to buy now - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
The Saudi-Russia oil price war was a 'very big mistake,' Qatar energy minister saysThe call to open the taps on oil production pulled the floor from under the market as Saudi Arabia slashed its selling prices and increased production after Russia refused to join its plan to further cut output and boost prices in early March.
Read more »
U.S. Frackers to Zero In on Richest Oil Fields After CoronavirusThe industry’s recovery from the oil-price collapse is expected to focus on the Southwest’s Permian Basin, at the expense of investment in more-mature shale-oil regions.
Read more »
Column: Hedge fund buying dries up after oil prices doubleHedge funds have started to temper their bullishness towards oil after crude futures prices have doubled since late April.
Read more »
Oil prices climb as easing of lockdowns fuels hopes for recovery in fuel demandOil prices rose on Tuesday, boosted by hopes for a swift recovery in fuel demand as coronavirus lockdown measures are eased across the globe, but gains were capped by the spectre of persistent oversupply in the market.
Read more »