Crude Tumbles As Virus Resurfaces And Stockpiles Grow – 11 June, 2020

An increase of positive coronavirus results globally cause oil prices to drop roughly 8% per barrel as concerns over diminishing demand resurface and new crude inventory records in the U.S. Despite most states loosening lockdown measures, fuel demand remained low as cases within the country surpassing 2 million this week. Brent crude futures tumbled 7.6% or $3.18 to $38.55 per barrel. U.S. West Texas Intermediate crude dropped 8.2% or $3.26 to $36.34 per barrel. Since April 21 and 27, both companies posted their worst daily drops. Crude prices had gained as more countries eased restrictions with the predictions that demand would pick up. U.S. crude inventories rose by 5.7 million barrels to a record 538.1 million barrels last week. OPEC came to agree that participating countries would continue making roughly 10% global supply cuts through July.