Oil Prices Fall on Growing Stockpile

Now that oil is recovering when will naira recover

Futures in NY traded below $38 a barrel after jumping 3.5% Wednesday.

West Texas Intermediate Crude oil futures for October ended down $0.75 or about 2% at $37.30 a barrel.

"Crude production is starting to return following a couple of storms, but a weak demand outlook and the start of maintenance season will keep the pressure on oil prices", said Edward Moya, senior market analyst at OANDA.

"Oil by-and-large has not had a mind of its own this week", said Michael Hiley, head of over-the-counter energy trading at New York-based LPS Futures, with investors' focus shifting toward equities and the prospects for an economic rebound.

"If the EIA confirms a crude oil build later today, it would be the first US stock build since mid-July", ING analysts said.

"Financial markets are continuing to set the tone, including on the oil market".

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On Thursday, Brent for December settled at its biggest discount to year-ahead futures since May.

Fears about an oversupply also added to the general feeling of uncertainty, Mr Weinberg said. The American crude benchmark is still down 12% this month, however, amid signs it will take longer than initially anticipated to get back to pre-virus levels of energy demand. In recent days, several supertankers have been chartered that could be used for floating storage or for transport, according to shipbrokers and fixtures.

Oil options markets have also turned progressively more bearish this week. That suggests options traders remain pessimistic about the market outlook.

The U.S. faces the risk of a tighter supply picture with the pandemic wreaking havoc on the nation's shale industry.

(MENAFN - Baystreet.ca) Petroleum prices slid on Thursday after data showed USA crude stockpiles unexpectedly rose last week, stoking concern about a sluggish recovery in fuel demand as coronavirus cases continue to surge in many countries.

Oil was stranded at sea onboard tankers in April, when crude prices crashed to historic lows as the coronavirus crisis crippled demand in addition to the lack of cuts from the main exporters. "The unique thing about the fracking industry is how quickly they can reopen", but the "the question is can the companies survive until that happens".

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