Oil Falls as U.S. Crude Stocks Build Amid Virus Resurgence Fears
Oil prices declined on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery in demand.
Brent crude futures were down 29 cents, or 0.7%, at $40.67 a barrel as of 0656 GMT, and U.S. West Texas Intermediate (WTI) futures fell 43 cents, or 1.1%, to $37.95 a barrel.
Both benchmarks rose more than 3% on Tuesday, 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. Read more…..
Chart Of The Day
Dr. Marc Faber of the #GloomBoomandDoomReport finds it odd, although simultaneously one of the more attractive investing opportunities most have ever seen. Dr. Faber also comments on the current Fed policy, how it’s impacting the world, and how this will all play out.