Oil falls on second wave outbreak fears, rise in U.S. inventories By Tradelinecommodity.com Call Or WhatsApp-9719098555/8057445599 Visit Us By www.tradelinecommdity.com
Oil prices fell on Wednesday on worries about a possible second wave of coronavirus cases in countries starting to ease lockdowns, while industry data showed a rise in U.S. crude inventories.
The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC’s biggest producer said earlier this week it planned to add to cut output again.
Brent crude (LCOc1) was down 58 cents, or 1.9%, at $29.40 by 0221 GMT, having risen 1.2% on Tuesday. U.S. crude was down 39 cents, or 1.5%, at $25.39 a barrel, after jumping nearly 7% in the previous session.
