It’s a precarious time to be adding more supply to the market as virus cases continue to expand rapidly through some American states and stages a comeback in Asia. WTI Crude is $40.25; Brent is $43.29.
US crude oil inventories moved sharply lower during the week ended July 24 as exports and refinery demand climbed to multi-month highs, US Energy Information Administration data showed July 29.
After rebounding from April lows, crude prices have struggled to find direction in recent weeks as the resurgent pandemic threatens the global energy demand recovery. WTI Crude is $41.92: Brent is $43.75.
Nervousness is increasing as the OPEC+ alliance prepares to taper its production cuts next month, just as the pandemic stages a comeback in countries from China to Spain. WTI crude is $41.45; Brent is $43.56.
Crude has been trading in a tight range near $40 a barrel since early June after its rapid recovery from lows in April petered out as many countries struggled to bring the virus under control. WTI Crude is $41.70 Brent is $43.73.
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