(Bloomberg) — Oil fell despite the first U.S. stockpile decline since January.Futures in New York were down 1.4% after the Energy Information Administration said crude inventories fell by 745,000 barrels indicating that producers recently shutting in production hasn’t been enough to lift the market. The agency reported the lowest crude input by U.S. refineries since 2008 suggesting that demand recovery will take more time.“There still is downside risk in the near term due to the demand side as the normalization of the economy could well be quite choppy and uneven throughout America,” Bart Melek, head of commodity strategy at Toronto …read more
Source:: Yahoo Finance
