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Oil prices slid after data showed US crude stockpiles unexpectedly rose by 3 million barrels in the week to September 4. The increase followed analyst forecasts of a draw, and coronavirus cases were rising in several US states.
WTI fell to about $37.81 and Brent to about $40.62 per barrel.
An unexpected inventory build signals weaker demand and adequate supply, which pressures crude prices. Lower energy costs can reduce biofuel demand and feedstock values.
financialpost.comReutersSep 10, 2020After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
