On Thursday, oil prices were mixed after posting gains in the past three days as low demand causes fear of supply glut but the US emergency stimulus cushioned the fall.
Brent crude oil futures climbed by 0.4% or 12 cents to USD27.51/barrel while US WTI futures were down by 0.2% or 4 cents to USD24.45/barrel at 00.18 GMT.
Market players are concerned about the supply glut due to the travel bans by most countries in the world, combined with the oil market share war between Saudi Arabia and Russia which drives both countries to ramp up outputs.
On Wednesday, the US Energy Information Administration (EIA) said that the country’s crude stockpiles soared by 1.6 million barrels on the week ended March 20, the ninth week in a row of increase.
EIA data also showed that products supplied slumped by close to 10% to 19.4 million bpd.
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Published on March 26, 2020 12:04 PM (GMT+8)Last Updated on March 26, 2020 12:04 PM (GMT+8)
