OIL SLIPS ON INCREASE IN US CRUDE INVENTORIES AMID COVID-19 FEARS: 17 JUNE |FOREX RECOMMENDATIONS

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Crude oil tumbles by 1.08% and is trading at $37.65 per barrel in the Asian session of Wednesday. The weakness in crude is in response to the rise in US Crude inventories that brings back oversupply concerns among investors. The industry backed API reported a jump in US Crude inventories by 3.9 million barrels to 543.2 million barrels for the week that ended on June 12. The data came much higher than the market expectations of 157,000 barrels, which spurred another dip in crude prices.

Meanwhile, fears of coronavirus continues to take toll on investors’ sentiment after Beijing announced that it will shut down schools and will impose travel restrictions because of the risk of second wave of Covid-19. The resurgence of cases weighed on oil prices and could jeopardize the recovery rally in oil which was seen in last two months.

Talking about previous session, crude oil oscillated and managed to settle higher by 2.17% at $38.10 per barrel as investors’ sentiments remain buoyed amid the cheerful forecast of IEA. The agency raised its oil demand forecast to 91.7 million bpd for 2020, while US retail sales reported a record jump for the month of May. Moreover, market drew support from the report that suggested Trump administration is set to announce nearly $1 trillion infrastructure proposal that will help in restoring the economy from the pandemic driven destruction.

Up ahead, investors will remain watchful over EIA data scheduled to release today, as it can likely impact market volatility in upcoming session.

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