Oil Drops After Jump in U.S. Stockpiles and Gloomy IEA Forecast

(Bloomberg) — Oil fell for a second day — dropping below $41 a barrel in New York — after a surprise jump in U.S. crude stockpiles and a gloomy forecast from the International Energy Agency weighed on the demand outlook.American crude inventories rose by 4.28 million barrels, climbing for a second week in three, according to data from the Energy Information Administration on Thursday. The IEA cut its global oil demand projections for this quarter by 1.2 million barrels a day in its latest monthly report.Oil is still up about 9% this week, however, after news of a potential Covid-19 …read more

Source:: Yahoo Finance

      

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