Oil prices fall amid rising U.S. inventory, demand fears
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E-mail Xinhua, April 2, 2020
NEW YORK, April 1 (Xinhua) -- Oil prices declined on Wednesday as concerns of supply glut and weaker demand rattled the market.
The West Texas Intermediate for May delivery decreased 0.17 U.S. dollar to settle at 20.31 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery was down 1.61 dollars to 24.74 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories increased during the week ending March 27, the U.S. Energy Information Administration said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 13.8 million barrels from the previous week.
Traders continued to worry about a bleak demand outlook for crude amid the COVID-19 pandemic.
As of Wednesday afternoon, nations and regions around the globe have reported more than 911,000 COVID-19 cases and 45,497 deaths, according to data from Johns Hopkins University.
Oil demand could decline by as much as 20 million barrels per day, or 20 percent, this year, given that 3 billion people around the world are locked down, the International Energy Agency warned last week. Enditem
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