Sandra Brown 9/10/2020
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.
вЂњUncertainty in fundamentals is limiting price increases,вЂќ 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.
TAGS: ECONOMY, OIL