Rise In U.S. Crude Stockpile Weighs Down Prices – 8 December, 2020

A surprise jump in U.S. oil inventories caused prices to ease, with a growing concern over the future of demand and cautious optimism about the coronavirus vaccine on the minds of investors. Brent crude futures were 0.4% or 18 cents lower at $48.66 per barrel, having risen 5 cents the previous session. U.S. West Texas Intermediate crude futures were 0.3% or 15 cents lower at $45.45, having fallen 16 cents the previous session. According to the American Petroleum Institute, crude stocks were up 1.14 million barrels despite analysts expectation for a 1.42 million barrel drop.