Oil falls on rise in U.S. crude stocks, virus resurgence fears
SEOUL (Reuters) - Oil prices retreated on Wednesday, weighed down by an increase in U.S.
SEOUL (Reuters) - Oil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the coronavirus pandemic.
Both benchmarks rose over 3% in the previous session after the International Energy Agency (IEA) raised its 2020 oil demand forecast to 91.7 million barrels per day (bpd) and U.S. retail sales posted a record jump in May.
However, the rise in U.S. crude and fuel inventories, reported in post-settlement trade, stoked concerns over high supplies and put downward pressure on oil prices.
U.S. crude oil inventories rose by 3.9 million barrels in the week to June 12 to 543.2 million barrels, ahead of analysts' expectations for a fall of 152,000 barrels, according to data from industry group the American Petroleum Institute. [API/S]
Gasoline stocks rose by 4.3 million barrels and distillate fuel stockpiles, including diesel fuel and heating oil, rose by 919,000 barrels.
Official data from the U.S. Department of Energy's Energy Information Administration is due later on Wednesday.
Worries over a possible second virus wave also weighed on prices, with the number of cases surpassing 8 million globally.
"It seems unavoidable there may be small spikes and isolated outbreaks throughout the world. It may take time for the oil market to desensitize, given the nascent recovery's fragility," said Stephen Innes, chief global market strategist at AxiCorp.
Meanwhile, an OPEC-led monitoring panel will meet on Thursday to further discuss ways to strengthen and review compliance with OPEC's commitment to curb oil production and support prices.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, agreed to curtail supplies by 9.7 million barrels per day (bpd), about 10% of pre-pandemic demand until end-July.
(Reporting by Jane Chung; editing by Richard Pullin)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Guinea president 'captured', govt dissolved, claim army putschists'; attack on presidential palace repulsed, say authorities
Reports suggest that they captured President Alpha Conde and dissolved the government, bust the ground situation remains unclear
NEW YORK (Reuters) -The price of cryptocurrencies plunged and crypto trading was delayed on Tuesday, a day in which El Salvador ran into snags as the first country to adopt bitcoin as legal tender. Shares of blockchain-related firms also fell as crypto stocks were hit by trading platform outages. But the major focus was on El Salvador, where the government had to temporarily unplug a digital wallet to cope with demand.
By Joseph White and Sanjana Shivdas (Reuters) -The head of Apple Inc's car project, Doug Field, is going to work for Ford Motor Co to lead the automaker's advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.