Weekly Energy Recap: US crude glut caps prices – ZAWYA

Weekly Energy Recap: US crude glut caps prices – ZAWYA

Weekly Energy Recap: US crude glut caps prices Rising oil demand in Asia could also be capped by a second wave of the virus    A 3D printed oil pump jack is seen in front of displayed stock graph and "Oil Stocks" words in this illustration picture, April 14, 2020. Brent crude nudged up to $43.40 per barrel after another steady week. Interestingly, Brent crude rose as futures weakened. That indicates abundant quantities of physical oil or an increased difficulty in placing barrels.The US WTI oil benchmark took a different direction to Brent, falling to $40.27 per barrel. That may have been triggered by the historically large drop in US second-quarter gross domestic product.WTI retreated despite US commercial crude stocks falling by 10.61 million barrels, which is the largest draw since the 11.5 million-barrel fall reported for the end of December 2019.The US WTI oil benchmark took a different direction to Brent, falling to $40.27 per barrel. That may have been triggered by the historically large drop in US second-quarter gross domestic product.Brent crude nudged up to $43.40 per barrel after another steady week. Interestingly, Brent crude rose as futures weakened. That indicates abundant quantities of physical oil or an