Oil Prices Mixed Amid Gasoline Recovery Signs

09.07.2020 10:19 (UTC +0)

Oil prices traded mixed on Thursday as concerns about renewed Covid-19 lockdowns in the United States outweighed signs of a recovery in U.S. gasoline consumption.

Benchmark Brent crude edged up 0.1 percent to $43.33 a barre, after rising half a percent on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down 0.4 percent at $40.73 a barrel, after having risen 0.7 percent the previous day.

Data released by the Energy Information Administration on Wednesday showed U.S. crude inventories rose by 5.7 million barrels in the week ended July 3, compared with analysts' expectations for a decrease of 3.1 million barrels.

Net U.S. crude imports rose by 2.13 million barrels per day last week to 5.01 million bpd, their highest since August 2019. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures rose by 2.2 million barrels, the EIA said.

Gasoline stocks fell by 4.8 million barrels, much more than analysts had expected, as demand climbed to 8.8 million barrels per day (bpd), the highest since March 20.

Distillate stockpiles, which include diesel and heating oil, rose 3.1 million barrels to about 177.3 million barrels, their highest since early 1983.

With Covid-19 cases on the rise in 42 states across the United States, investors fear that re-imposition of lockdown measures will hold back any sustained recovery in fuel demand.

The United States reported more than 60,000 new Covid-19 cases on Wednesday, the biggest increase ever reported by a country in a single day.



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