Energy

Oil falls on rising stocks, worries of new virus wave

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Oil pumping jacks, also known as “nodding donkeys”, operate in an oilfield near Almetyevsk, Tatarstan, Russia, on Wednesday, March 11, 2020.

Andrey Rudakov | Bloomberg via Getty Images

Oil prices fell on Wednesday, as record high inventories and worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies.

Data from the U.S. Energy Information Administration released Wednesday showed that for the week ending June 19 stockpiles rose by 1.4 million barrels. According to estimates from FactSet, analystshad been expecting a build of 1.15 million barrels.

Brent crude was down $2.09, or 4.9%, to $40.58 a barrel, a day after hitting its…



Source cnbc.com

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