Oil Shrugs Off U.S. Stockpile Build to Rise on Vaccine Optimism
- Date: 10-Dec-2020
- Source: Bloomberg
- Sector:Financial Markets
- Country:Middle East
Oil Shrugs Off U.S. Stockpile Build to Rise on Vaccine Optimism
Photographer: Luke Sharrett/Bloomberg
Photographer: Luke Sharrett/Bloomberg
Oil rose toward $46 a barrel after shrugging off a massive increase in U.S. crude stockpiles on optimism that vaccine rollouts will lead to a swift improvement in global energy demand next year.The Energy Information Administration reported a 15.2 million barrel jump in American oil inventories, the second-biggest on record. While prices dropped on the data, they retraced most of their losses with some support from a falling dollar to close down just 0.2% on Wednesday. A militant attack on the Khabbaz field in Iraq had aided crude