Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand.
U.S. crude stocks rose 1.4 million barrels to a record high, the Energy Information Administration said on Wednesday. [EIA/S] This hit crude prices, as other details the EIA reported such as fall in gasoline stockpiles, lent limited support.
Brent crude fell 19 cents, or 0.5%, to $40.12 at 0835 GMT, and traded as low as $39.47. The global benchmark dropped 5.4% on Wednesday. U.S. West Texas Intermediate crude fell 49 cents, or 1.3 %, to $37.52. “The increasing coronavirus case count in key U.S. states has markets, oil as well as equities, worried,” said analysts at JBC Energy.
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