Crude Price Increase Streak Comes To An End On Rising U.S. Supplies – 5 May, 2020

A rise in U.S. crude inventories caused a break in the commodity’s streak of gains with a dip in prices. Brent crude futures were steady at $30.97 per barrel after gaining 13.9% the previous session. U.S. West Texas Intermediate crude futures dropped 2.1% to $24.05 per barrel before settling at $21.41 per barrel, halting a steady five day streak. Reports show inventories in the U.S. grew more than expected, adding 8.4 million barrels last week. Oil prices began to rebound as some countries eased lockdown restrictions caused by the spread of the coronavirus as demand was expected to increase. Further information regarding inventory will be released on Wednesday by the Energy Information Administration.