# Oil markets: Coronavirus, U.S. crude stockpiles

> Oil rose to its highest level in more than eight months after EIA data showed a surprise 754,000-barrel drop in U.S. crude inventories, with a 1.7 million-barrel draw at Cushing. Gains were capped by weak gasoline demand and lingering concerns about oil demand.

- Date: 2020-11-25 · published 2020-11-25T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/50313-oil-markets-coronavirus-u-s-crude-stockpiles
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Stronger energy prices raise the cost of diesel and freight and tend to support vegetable oil and biofuel feedstock values, which can lift soybean oil and palm oil prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Sources

- cnbc.com: https://www.cnbc.com/2020/11/25/oil-markets-coronavirus-us-crude-stockpiles.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.