US crude inventories, coronavirus in focus


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…


McDonald’s CEO says it has ‘probably’ created more Black millionaires than any other company

Previous article

New Ford Bronco to debut on O.J. Simpson’s birthday

Next article

You may also like

Leave a Reply

Notify of

More in Energy