US West Texas Intermediate (WTI) crude CLc1 futures erased gains from Wednesday, falling as low as $38.42 a barrel. Analysts said following a doubling in prices since April, traders were selling into any negative news. “The recent rally in crude oil prices stalled as rising inventories showed the path to a recovery will be a rocky one,” ANZ analysts said in a note. At the same time, gasoline stockpiles grew more than expected to 258.7 million barrels. Distillate stockpiles, which include diesel and heating oil, rose by 1.6 million barrels, but the increase was smaller than in previous weeks.

Source: Dhaka Tribune June 11, 2020 00:56 UTC