Falling oil prices and US inventories are fueling fears of a supply glut

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Sharjah 24 – Reuters:
Oil prices retreated, Wednesday, after a sudden increase in US crude stocks fueled fears of a global supply glut, and the rise in cases of “Covid-19” exacerbated concerns about a slowdown in the recovery in fuel demand.

Brent crude futures for December delivery were at $ 42.70 a barrel, down 46 cents, or 1.1%, by 07:30 GMT.

US West Texas Intermediate crude for December delivery fell 43 cents, equivalent to 1%, to $ 41.27, and the two decades had risen in the previous session.

“The increase in US stocks, along with the recent rise in COVID-19 cases around the world, has prompted investors to adjust positions,” said Chiyuki Chen, chief analyst at Sunward Trading.

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