💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Oil Falls Over Bigger-Than-Expected U.S. Supply

Published 06/23/2020, 10:08 PM
Updated 06/23/2020, 10:10 PM
© Reuters.
LCO
-
CL
-
SCO
-
USO
-

By Gina Lee

Investing.com – Oil was down Wednesday morning in Asia, with investors digesting a second consecutive week of increases in the crude oil supply.

The American Petroleum Institute (API) estimated a large build of 1.749 million barrels for the week ended June 19 on Tuesday. The prediction was much bigger than the estimated 300,000 barrel-build in forecasts prepared by Investing.com.

Brent oil futures fell 0.49% to $42.42 by 10:05 PM ET (3:05 AM GMT), giving up earlier gains. WTI futures slid 0.64% to $40.11.

Investor sentiment continues to be cautious over increasing fears of an oversupply, with OPEC+ production cuts set to end in July but with ever increasing cases of the COVID-19 virus.

There are over 9.2 million cases globally as of June 24, according to Johns Hopkins University data.

Meanwhile, all investor eyes are now on whether the U.S. Energy Information Administration’s (EIA) will also predict a build in the supply later in the day.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.