Crude oil prices fall as a new surge in coronavirus infections worldover

Published On: Wednesday, June 24, 2020 | By: Team KnowMyStock

Oil prices fell today, reversing the previous session's surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies. Brent crude, which on Tuesday rose to its highest level since a price plunge began in March, slipped 47 cents, or 1.1 percent, to $42.16 a barrel by 0814 GMT. The benchmark crude has climbed from below $16 in April but remains a third lower than its level at the end of 2019. US West Texas Intermediate (WTI) crude fell 59 cents, or 1.5 percent, to $39.78 a barrel. Further pressure on prices came from a bigger-than-expected rise in US crude inventories, according to industry group the American Petroleum Institute (API). However, US gasoline and distillate inventories fell, suggesting consumption was picking up as lockdowns were eased.

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