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Inventories Rise Again
The latest report from the Energy Information Administration showed that in the week ending June 19th, US crude stores rose by a further 1.4 million barrels.
This was above the rise in inventories recorded last week. It also surpassed the expected 1.2 million barrel reading the market was looking for. Once again, this reflects a lack of demand for fuel products, despite lockdown measures easing in the US.
The total products supplied number is used as a proxy to gauge overall demand. This number was down over the last four weeks by an average of 8 million barrels per day. This is 17% lower than the same period last year.
Second Wave Creating Headwinds
Crude oil prices have been back under this pressure this week. This comes as a result of a trickier risk environment, as equities retreat on rising fears of a second wave of COVID-19.
Fears of a fresh outbreak have taken the shine off the recovery underway across the globe as lockdown measures ease. Unfortunately, ma...
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