As U.S. Crude Stockpile Builds and Cases Rise, Oil Prices Dip – 24 June, 2020

As positive COVID-19 cases rise and the U.S. crude inventory grows, oil prices slipped with worries of a drop in demand. U.S. West Texas Intermediate crude futures dropped 0.7% or 26 cents to $37.75 per barrel, having shed $2.36 the previous session. Brent crude futures were down 0.7% or 30 cents to $40.01 per barrel, falling $2.32 the previous session just after hitting prices not seen since right before the pandemic lockdowns in early March. U.S. crude stockpiles grew 1.4 million barrels for a third straight week of record high inventories. Quickly increasing COVID-19 cases in some states have many worried that people will stay home even without lockdown restrictions for fear of infection.