Oil falls below $40 on record U.S. inventories, COVID fears – ZAWYA

Oil falls below $40 on record U.S. inventories, COVID fears – ZAWYA

Oil falls below $40 on record U.S. inventories, COVID fears Oil falls below $40 on record U.S. inventories, COVID fears | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOil falls below $40 on record U.S. inventories, COVID fears Brent crude fell 19 cents, or 0.5%, to $40.12 and traded as low as $39.47    Oil derricks are silhouetted against the rising sun at an oilfield in the capital Baku October 16, 2005. Azerbaijan is a predominantly Muslim state of about eight million people. The capital Baku is the starting point for a new oil pipeline to the West. LONDON- Oil slipped towards $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand.U.S. crude stocks rose 1.4 million barrels, the Energy Information Administration said on Wednesday. EIA/S This hit crude prices, although other details the EIA reported such as a fall in gasoline stocks as demand rose, lent limited support."The report was another nail in the bulls' coffin although it was not as depressing as the price fall suggests," said Tamas Varga of oil broker PVM. "On the positive side, oil consumption