U.S. Oil Supply Rises, Prices Fall – 9 June, 2020

An industry report showing a rise in U.S. crude supplies caused oil prices to dip as many are still cautious about the demand for oil as lockdown measures are lifted around the world. After rising 2% the previous session, West Texas Intermediate futures fell 68 cents or 1.8% to $38.26 per barrel. Brent crude futures were down 57 cents or 1.4% to $40.61 per barrel after rising 1% the previous session. Crude inventories in the U.S were up 8.4 million barrels in the first week of June, despite speculations by analysts that there would be 1.7 million barrel drop.