Mid-Week Review – June 10, 2020
Oil near $38 on signs U.S. crude stockpiles expanded
Oil retreated to near $38 a barrel after a U.S. industry report signaled a surprise jump in crude inventories, underscoring the market’s patchy road to rebalancing.
Libya’s National Oil Corporation declares force majeure on its largest oil field after shutdown by militia
Libya’s National Oil Corporation has declared force majeure on exports from its largest oil field Tuesday, after a militia group shut it down just days after it resumed production following a six-month blockade.
Oil tankers turn away from Venezuela as more sanctions loom
Oil tankers that were sailing toward Venezuela have turned around and others have left the country’s waters as the United States considers blacklisting dozens of ships for transporting Venezuelan oil, according to shipping data and industry sources.
The real reason China is importing so much oil
China smashed its crude oil imports record in May as manufacturing activity picked up and lockdowns eased. Amid recovering demand for gasoline and diesel, China’s total demand is nearly back up to pre-coronavirus levels, which prompted refineries to ramp up crude processing rates.
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