Oil falls on coronavirus surge, unexpected U.S. crude stockpile rise | Reuters
Oil prices fell on Thursday, weighed down by the surge in coronavirus cases that is hampering the global economy, along with an unexpected rise in U.S. crude stockpiles.
Oil futures tracked with U.S. equities, which also fell on pandemic concerns. Europe is grappling with a sharp increase in infections and new social restrictions. In the United States, new cases have surpassed 100,000 per day for several days, and more than a dozen states have doubled their caseloads in the last two weeks.
Brent crude fell 27 cents to settle at $43.53 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 33 cents to settle at $41.12 a barrel.
“When stocks gave up gains, oil followed,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “It’s a very nervous market.”
U.S. government data added to the bearishness, as crude inventories rose by 4.3 million barrels last week, compared with an expected fall of 913,000 barrels.
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