Monday, 01 June 2020

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The second wave of corona virus confuses the price of oil

America's stockpile is still rising

Dubai United Arab Emirates:- Although the Corona virus declined in some countries, which prompted them to ease quarantine measures, the statements of governments in these countries confused oil prices.

Government officials in several countries have warned of a new wave of the Coronavirus, which has caused oil prices to drop, which could lead to renewed movement restrictions, while data showed that crude oil stocks have still been rising.

Fears overshadowed another call by Saudi Arabia to increase production cuts to balance the market in the wake of declining demand due to the virus, after the largest oil producer in the Organization of Petroleum Exporting Countries (OPEC) said earlier that it intends to reinforce production cuts again.

The Saudi Press Agency reported that the Cabinet urged OPEC countries to reduce oil production rates further to contribute to restoring the desired balance of global crude markets.

In the United States, the American Petroleum Institute said that crude oil stocks rose 7.6 million barrels to 526.2 million barrels, compared to analysts' expectations for an increase of 4.1 million barrels.

But the institute said that crude inventories in Cushing, Oklahoma, the center of delivery, fell 2.3 million barrels, which would be the first decline since February 2020, if confirmed by official data, according to ING Economics.

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