FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing Oil Hub in Cushing, Oklahoma, US April 21, 2020. REUTERS / Drone Base
TOKYO (Reuters) – Oil prices fell on Thursday after official figures showed a sharp increase in U.S. gasoline inventories, raising concerns over weakening demand for crude among the world’s largest consumer. resource at a time when world supplies are increasing.
Brent fell 36 cents, or 0.6%, to $ 62.80 a barrel at 0136 GMT. US oil fell 38 cents, or 0.6%, to $ 59.39 a barrel.
While US crude inventories fell more than analysts expected, gasoline inventories rose sharply, also against expectations, the Energy Department said on Wednesday.
Oil inventories fell 3.5 million barrels last week to nearly 502 million barrels, while gasoline inventories rose 4 million barrels, against expectations of a drop, to just over 230 million barrels, as refiners ramped up production ahead of the summer driving season. [EIA/S]
Refiners may want to reduce the fill rate a bit to prevent gasoline storage from jeopardizing the all-time record, said Bob Yawger, director of energy futures at Mizuho Securities.
At the same time, supply is increasing across the world, with Russian production increasing from average March levels during the first few days of April, traders said.
Iran may see some sanctions lifted and add to global supply, with the US and other powers leading talks on reviving a nuclear deal that nearly kept Iranian oil from arriving on the market.
Still, the International Monetary Fund said earlier this week that massive government spending to tackle the COVID-19 pandemic could push global growth to 6% this year, a rate not reached since the 1970s.
Higher economic growth would stimulate demand for oil and its products, helping to reduce inventories.
Reporting by Aaron Sheldrick; Editing by Muralikumar Anantharaman
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]