Rise In U.S. Crude Stockpile Causes Price Drop – 27 May, 2020

An unexpected build in U.S. crude stockpiles caused prices to dip for a second consecutive session. U.S. West Texas Intermediate rude futures fell 4.4% or $1.44 to $31.37 per barrel. Brent crude futures were 3.2% or $1.10 lower at $33.64 per barrel. Despite analysts prediction of a 1.9 million barrel drop in supply, data shows U.S. crude stockpiles grew by 8.7 million barrels in the week of May 22.