TOKYO (Reuters) – Oil prices fell for a sixth day, the longest losing streak since February 2020, as a spike in COVID-19 cases worldwide fuelled fears over slower fuel demand while a surprise build in U.S. gasoline inventories added to pressure. U.S. West Intermediate crude (WTI) fell $1.05, or 1.6%, to $64.41 a barrel after falling to as low as $64.24, also the lowest since May 24. Slower growth in China, the world’s biggest oil importer, as it imposes further restrictions in response to rising COVID-19 cases and some weakness in a few U.S. data points this past week has driven the softness in oil prices, he cited. However, U.S. crude inventories fell 3.2 million barrels last week to 435.5 million, their lowest since January 2020, the EIA said. “Oil prices will stay under pressure in the short-term from seasonal factors and pandemic fears,” Kikukawa said.

Source: MetroXpress August 19, 2021 04:52 UTC