Slowing demand caps rise in oil price

Oil pumps are seen after sunset outside Vaudoy-en-Brie, near Paris, France. Picture: REUTERS/CHRISTIAN HARTMANN

US crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp rise in coronavirus cases has started to hit US consumption. “Normally inventories of fuel would be heavily drawn upon, but the surge in Covid-19 case numbers has stymied the recovery,” ANZ said, referring to usual demand during the peak US summer driving season.

The US reported more than 1,000 deaths from Covid-19 on Tuesday, according to a Reuters tally, marking the first time since June 10 the nation has surpassed that grim milestone, as California closed in on passing New York in total infections.

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