Sunday , June 7 2020

Oil drops as production hit record high


Oil sank as production hit a record high and refinery demand slipped, pushing stockpiles higher across US.
Futures fell as much as 0.8% in New York after Energy Information Administration (EIA) reported that the US commercial crude inventories rose 1.57 million barrels last week and output hit 12.9 million
barrels a day.
The EIA report also showed gasoline inventories rose 5.13 million barrels while distillate supplies grew by 725,000 barrels. Crude stockpiles stored at the Cushing, Oklahoma, storage hub fell 97,000 barrels.

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