Reuters: Oil edges lower as U.S. inventory build stokes supply fears

09:00, 08 July 2020
Economy
178 0
REUTERS

Brent crude futures fell 10 cents, or 0.2%, to $42.98 a barrel by 0417 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 12 cents, or 0.3%, to $40.50 a barrel, holding to the narrow range of the past few weeks, as reported by Reuters.

Read alsoReuters: Oil prices fall on demand concerns from U.S. coronavirus case surge

U.S. crude oil stockpiles rose last week, against expectations for a draw, although gasoline and distillate inventories fell more than expected, data from industry group the American Petroleum Institute showed.

Adding to pressure, the U.S. Energy Information Administration (EIA) said on Tuesday that U.S. crude oil production is expected to fall by 600,000 barrels per day (bpd) in 2020, a smaller decline than the 670,000 bpd it forecast previously.

However, it also expected global oil demand to recover through the end of 2021.

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