Oil Drops on Resurgent Virus, Reported Build in U.S. Stockpiles - Bloomberg

Oil Drops on Resurgent Virus, Reported Build in U.S. Stockpiles - Bloomberg

WTI for June delivery declined 2.1% to $61.33 a barrel at 8:53 a.m. in New York Brent for June settlement was down 1.9%, trading at $65.33 a barrel Oil fell amid concern that a resurgent virus will hurt demand in some economies, while industry data showed a slight build in U.S. inventories. West Texas Intermediate retreated 2.1%, extending Tuesday’s decline. The renewed spread of Covid-19 in countries such as India is casting a pall over the global economic rebound, even as signs of an improvement in energy demand elsewhere continue to mount. Prices also responded to a slightly stronger dollar, which curbs the appeal of commodities priced in the currency.