Oil Prices Break 4 Day Rising Streak – 4 August, 2020

Oil’s four day streak came to an end when prices dipped from five month highs as coronavirus cases continue to ravage the U.S., leaving many skeptical about the future of demand. Brent crude fell 0.4% or 16 cents to $44.27 per barrel. U.S. West Texas Intermediate crude dipped 0.4% or 17 cents to $41.53 per barrel. Many states have had to rethink reopening as deaths have reached over 1,000 a day. Analysts expected a drop of 3 million barrels, however crude inventories fell by 8.6 million barrels in the first week of August to 520 million barrels.