Oil prices lower on global COVID worries, U.S. inventories
Oil futures traded lower Tuesday as traders grappled with rising COVID-19 infections in Asia, while awaiting official data on U.S. crude supply levels after a trade group reported an unexpected rise in inventories. West Texas Intermediate crude for June delivery CL.1, -1.06% CLM21, -1.42% fell 91 cents, or 1.5%, to $61.76 a barrel on the New York Mercantile Exchange. June Brent crude BRN00, -1.25% BRNM21, -1.25%, the global benchmark, fell 88 cents, or 1.3%, to $65.69 a barrel on ICE Futures Europe. Click Here to read more from Market Watch.
Surprise Crude Build Pushes Oil Prices Down
The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 436,000 barrels for the week ending April 16.Analysts had predicted a draw of 2.860 million barrels for the week.In the previous week, the API reported a draw in oil inventories of 3.608 million barrels after analysts had predicted a draw of 2.889-million barrels. Click Here to read more from Oil Price.
Oil pulls back from highest level in one month on demand fears
Oil fell on Tuesday, pulling back from one-month highs, on fears that India, the world’s third-biggest oil importer, may impose restrictions as coronavirus infections and deaths soar in that country. Oil prices have risen steadily this year on expectations of a recovery in demand but while the United States and China are rebounding, numerous other countries are not. Click Here to read more from CNBC.