Crude oil prices fell significantly on Tuesday despite robust strong US economic data as well as improved employment...
Crude oil price closed in on the $72 mark as Brent crude hit $71.85 per barrel on demand optimism.
Oil prices retreated further on Monday, with prices down more than 10% in less than a week.
The report also stated that distillate inventories were up by 6.9 million barrels for the week, as against last week’s 5.1 million barrel inventories.
Brent crude increased by $1.71, 5.49%, as it closed a barrel at $32.84,
Crude oil prices rose higher after the International Energy Agency (IEA), in its May oil market report, had predicted lower global inventories in the second half of 2020
The American WTI fell by 1.55% to sell for $25.38 per barrel, early Wednesday morning after surging 6.8% on Tuesday. Brent crude was down by 2.03% to sell for $29.37 per barrel.
