The oil price fell due to rising inventories




Futures in New York slipped to $37 a barrel after adding 3.5% on Wednesday.

The American Petroleum Institute said inventories rose 3 million barrels last week, while gasoline inventories fell 6.89 million barrels.

WTI has slipped 11% this month on concerns that demand will not return to pre-crisis levels anytime soon.

“Uncertainty in fundamentals is limiting price increases,” says Jens Pedersen, an analyst at Danske Bank.

West Texas Intermediate October delivery slipped 1.9% to $37.33 a barrel, while Brent November delivery slipped 1.5% to $40.18.

Brent's 6-month spread reached $2.79 contango, up from $1.97 at the end of August. This suggests fears of an oversupply of oil.





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TAGS: ECONOMY, OIL

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