Oil was anchored near $41 a barrel in New York with swelling U.S. crude stockpiles raising fresh concerns about supply, while coronavirus cases continued to surge across the world.
Stockpiles at the key storage hub of Cushing expanded for the first time since early May as nationwide inventories unexpectedly rose last week, according to government data. Meanwhile, California and Texas recorded some of their biggest daily gains in cases and deaths, Australia™s second-largest city went into lockdown and Iran reported its deadliest day yet. Oil has traded within a tight range this month and is poised to end the week little changed.
West Texas Intermediate for August delivery lost 2 cents to $40.88 a barrel on the New York Mercantile Exchange as of 8:20 a.m. Singapore time after rising 0.7% on Wednesday. Brent for September settlement was little changed on the ICE Futures Europe exchange after climbing 0.5% in the previous session to $43.29.
Source : Bloomberg
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