Tuesday, 07 July 2020
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Oil Up on Back of Decreased Supply but Investors Continue to Warn of Oversupply
Thursday, 7 May 2020 08:52 WIB | ENERGY |Minyak WTI BerjangkaBrent

Oil was up on Thursday morning in Asia, clawing back a small part of its losses from the previous session.

Brent oil futures inched up 0.81% to $29.95 by 9:22 PM ET (2:22 AM GMT) and WTI futures gained 1.46% to $24.34.

WTI futures came off an especially volatile session, swinging between gains of more than 6% and losses down to 8%. With the June contract set to expire on May 19, investors continue to monitor the futures™ movements.

Meanwhile, Brent futures lost 4%.

The black liquid was buoyed by the U.S. Energy Information Administration (EIA) saying overnight that crude inventories for the week ending May 1 rose by 4.59 million barrels. The build was smaller than the analyst predictions of a 7.759-million-barrel build forecast prepared by Investing.com.

Source: Investing.com

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