Growing U.S. Stockpile Causes Oil Prices To Dip – 9 September, 2020

Data showing a rise in U.S. oil stockpiles has some concerned about the outlook of recovery and caused prices to fall unexpectedly. Brent crude futures fell 0.42% or 17 cents to $40.62 per barrel. U.S. West Texas Intermediate crude futures shed 0.63% or 24 cents to $37.81 per barrel. A slowdown in demand and rise in supply has put the oil market under pressure, with the U.S. Energy Information Administration expected to release inventory data later this week. U.S. stockpiles rose by 3 million barrels in the week of September 4, up from analysts expectations of a 1.4 million barrel increase.