OIL & GAS

COVID-19 fallout: Oil prices nosedive as US crude stockpiles fall for fourth straight week

Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected. Brent crude was down 36 cents, or 0.8%, at $45.01 a barrel by 0442 GMT, having slipped 0.2% in the previous session.

U.S. oil was down 38 cents, or 0.9%, at $42.55 a barrel, after inching higher on Wednesday. Stockpiles of crude in the United States fell a fourth straight week, even as net imports rose, the Energy Information Administration (EIA) said on Wednesday. However, the 1.6 million-barrel decline for the week to Aug. 14 was less than a Reuters poll showing expectations for a 2.7 million-barrel fall.

Source
business today
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