Oil falls on second wave outbreak fears, rise in U.S. inventories

Oil falls on second wave outbreak fears, rise in U.S. inventories
  • Clock-gray 07:46
  • calendar-gray 13 May 2020

Oil prices fell on Wednesday on worries about a possible second wave of coronavirus cases in countries starting to ease lockdowns, while industry data showed a rise in U.S. crude inventories, APA reports quoting Reuters.

The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC’s biggest producer said earlier this week it planned to add to cut output again. 

Brent crude LCOc1 was down 58 cents, or 1.9%, at $29.40 by 0221 GMT, having risen 1.2% on Tuesday. U.S. crude was down 39 cents, or 1.5%, at $25.39 a barrel, after jumping nearly 7% in the previous session.

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