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Oil Capped By COVID Fears

Oil Capped

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures closed higher this holiday-shortened week, supported by a larger-than-expected drawdown in crude inventories earlier in the week and a decline in the U.S. unemployment rate.

However, gains were capped and there was an air of caution ahead of the long holiday weekend as a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks.

Drop in Supply Underpins Prices                                                      

Helping to underpin crude oil prices this week were a pair of bullish reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA).

The API reported on Tuesday a major draw in crude oil inventories of 8.156 million barrels for the week-ending June 26. Analysts had predicted an inventory draw of 710,000 barrels.

The API also reported a draw of 2.459 million barrels of gasoline for the week-ending June 26. Analysts were looking for a 1.583-million barrel draw for the week. Distillate inventories were up by 2.638-million barrels for the week, while Cushing inventories saw a build of 164,000 barrels.

The EIA reported Wednesday that U.S. crude inventories fell by 7.2 million barrels for the week-ended June 26. That followed three consecutive weeks of increases. Analysts polled by S&P Global Platts had forecast an average crude supply decline of 2.7 million barrels.…





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  • STEVEN SCHULTZ on July 03 2020 said:
    Editorials appreciated, but... COved 19 cases should have no direct relationship to future demand. It is the misguided PERCEPTION that widespread mortality and overwhelmed medical facilities are coming. It has not happened and will not. My condolences to those who do have a serious infection, but 80+% of the US are reported to be immune. Only 0.7% of Florida is even exposed per tests! We need a population that is super healthy to handle this, and NOT more sensationalism.

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