⁍ Oil prices fell more than 5% on Wednesday as surging coronavirus infections in the United States and Europe lead to renewed lockdowns.
⁍ Also weighing on the market, U.S. crude stockpiles rose more than expected last week as production surged in a record build.
– Oil prices took a turn for the worse on Wednesday, with the price of Brent crude falling more than 5% to a four-month low, Reuters reports. According to the Wall Street Journal, US crude stockpiles rose more than expected last week as production surged in a record build. “Certainly the increase in oil production led to a unexpected build of crude oil, and given the additional lockdowns we are seeing in Europe, that is just further heaping bad news on the oil market,” says Andy Lipow, president of consultants Lipow Oil Associates.
Source: https://www.reuters.com/article/global-oil-int/oil-plunges-over-5-as-pandemic-surges-us-crude-stockpiles-output-soar-idUSKBN27D03L