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Oil had risen in anticipation of a recovery in demand for fuel, while producers cut supplies to reduce oversupply in the midst of the pandemic, but crude fell today and other high-risk assets such as stocks, due to government signs that the recovery may take time.
Brent crude’s settlement price was set at 79 cents, or 2.6 percent, at $ 29.19 a barrel. US West Texas Intermediate crude futures ended 49 cents lower, or 1.9 percent, at $ 25.29 a barrel.
The Chairman of the Reserve Board, Jerome Powell, gave a pessimistic assessment regarding the US economy today, and renewed his skepticism about negative interest rates.
The US Energy Information Administration said that US crude inventories fell 745,000 barrels last week, while analysts, in a Reuters poll, expected a rise of 4.1 million barrels.
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Oil had risen in anticipation of a recovery in demand for fuel, while producers cut supplies to reduce oversupply in the midst of the pandemic, but crude fell today and other high-risk assets such as stocks, due to government signs that the recovery may take time.
Brent crude’s settlement price was set at 79 cents, or 2.6 percent, at $ 29.19 a barrel. US West Texas Intermediate crude futures ended 49 cents lower, or 1.9 percent, at $ 25.29 a barrel.
The Chairman of the Reserve Board, Jerome Powell, gave a pessimistic assessment regarding the US economy today, and renewed his skepticism about negative interest rates.
The US Energy Information Administration said that US crude inventories fell 745,000 barrels last week, while analysts, in a Reuters poll, expected a rise of 4.1 million barrels.
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