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Oil Heads Lower on Virus Resurgence and U.S. Stockpile Build

Oil edged lower after its biggest drop in almost two weeks as swelling U.S. crude stockpiles and a surge in coronavirus cases across the nation raised concerns about demand in the world’s largest economy.

Futures in New York dropped below $38 a barrel after losing 5.9% Wednesday as American crude inventories rose for a third straight week. New infections reached daily records in Florida, California and Texas, where the governor said a “massive outbreak” is sweeping the state. U.S. gasoline futures tumbled the most in two months amid fears that lockdowns may need to be re-imposed.

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