Crude oil prices drop as US records a build in inventories
Crude oil prices drop as US records a build in inventories
December 23, 2020
WTI futures have dropped by 1.11% to $46.25 while the Brent futures declined by 0.16% to $49.29.
Trump has threatened to reject the $892 billion stimulus deal passed by Congress.
API has indicated a rise in crude oil inventories, at a time when the new COVID-19 strain may be in the US.
Crude oil prices dropped in Wednesday’s early trade as US recorded a rise in the commodity’s stockpiles. Trump’s tweet on his possible rejection of the stimulus deal has also impacted oil prices. The market is also reacting to the news on the new COVID-19 variant and the likelihood that it is already in the US. On a 4-hour chart, WTI futures were down 1.11% to trade at $46.25. Brent futures are also on a downward momentum, having declined by 0.16% to $49.29.
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