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Oil settles lower as worries remain over rising U.S. inventories and coronavirus cases

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Oil futures settled lower Thursday, extending a decline seen the previous session after data showed an unexpected rise in U.S. crude inventories, as alarming growth in the number of U.S. cases of coronavirus point to the potential for further business shutdowns, dulling the prospects for energy demand.

“Virtually all demand categories” showed a week-on-week decline in the report from the Energy Information Administration Wednesday, said Robbie Fraser, senior commodity analyst at Schneider Electric.

The report showed a weekly fall of 98,000 barrels per day in implied demand for finished motor gasoline to 8.55 million barrels a day. Implied demand for…



Source marketwatch.com

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