Surplus in U.S. Oil Weighs on Prices – 22 December, 2020

Industry data showing U.S. crude stockpiles rose despite predictions of a fall caused prices to dip. U.S. West Texas Intermediate crude futures were 1% or 46 lower to $46.56 per barrel. Brent crude futures slipped 0.9% or 46 cents to $49.62 per barrel.  Crude inventories were up almost 2.7 million barrel in the second half of December, and both contracts fell 2% for a second straight session. A threat from President Trump to not sign an $892 billion COVID-19 relief bill also weighed on the commodity, while coronavirus cases continue to rise at a rapid pace in the United States, adding an additional million new cases in less than a week.