Further pressure on prices came from a bigger-than-expected rise in US crude inventories
London — Oil prices fell on Wednesday, reversing the previous session’s surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies.
The benchmark crude has climbed from below $16 in April but remains a third lower than its level at the end of 2019.A rising number of coronavirus cases in the US, China, Latin America and India has unnerved investors. Upbeat European manufacturing surveys offered some support, but European Central Bank chief economist Philip Lane said recent solid data was not necessarily a good guide and the eurozone economy would need a long time to recover.However, US petrol and distillate inventories fell, suggesting consumption was picking up as lockdowns were eased.
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