Energy

Oil prices fall on U.S. inventory build, increasing pandemic fears

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South Belridge Oil Field is the fourth-largest oil field in California and one of the most productive in the U.S.

David McNew | Getty Images

Oil prices fell on Wednesday as industry data showed a bigger-than-expected inventory build in the United States where coronavirus cases continue to climb, potentially further denting demand in the world’s biggest oil consumer.

In his first briefing in months focused on the pandemic, U.S. President Donald Trump said that the outbreak would probably get worse before it gets better, one of his first recent acknowledgements of the spread of the problem.

Industry group American Petroleum Institute (API) reported U.S. crude inventories rose last…



Source cnbc.com

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