Energy

US crude inventories, coronavirus in focus

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An offshore oil platform is seen with a tanker in the distance on April 20, 2020 in Huntington Beach, California.

Michael Heiman | Getty Images

Oil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the coronavirus pandemic.

Brent crude futures were down 40 cents, or 1.0%, at $40.56 a barrel as of 0047 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 59 cents, or 1.5%, to $37.79 a barrel.

Both benchmarks rose over 3% in the previous session after the International Energy Agency (IEA) raised its 2020 oil demand forecast to 91.7 million barrels per day (bpd) and U.S. retail sales posted a record…



Source cnbc.com

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