{"id":20197,"date":"2020-06-10T13:21:16","date_gmt":"2020-06-10T13:21:16","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=20197"},"modified":"2020-06-10T13:21:24","modified_gmt":"2020-06-10T13:21:24","slug":"oil-prices-fall-as-u-s-stock-rise-stokes-oversupply-fears-bonny-light-sheds-2-06","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=20197","title":{"rendered":"Oil prices fall, as U.S stock rise stokes oversupply fears, Bonny Light sheds 2.06%"},"content":{"rendered":"\n
\"Major<\/figure>\n\n\n\n

Oil prices fell more than 1% towards $40 per barrel on Wednesday after a report revealed a surge in United States\u2019 oil storage, reigniting worries over glut and poor demand owing to the coronavirus crisis.<\/p>\n\n\n\n

American Petroleum Institute, an industry group, said oil stocks upped by 8.4 million barrels, contrary to analysts\u2019 forecast envisaging a fall.<\/p>\n\n\n\n

Brent crude futures<\/a> depressed 88 cents or 2.14% to $40.30 per barrel by 10:06 West Africa Time just as U.S. West Texas Intermediate (WTI) futures<\/a> fell by $1.06 or 2.72% to $37.88 a barrel.<\/p>\n\n\n\n

Nigeria\u2019s Bonny Light<\/a> weakened by 83 cents or 2.06% to $39.55 at the previous session.<\/p>\n\n\n\n

Brent and the WTI had touched their three-month highs on Monday. Brent had exceeded a 100% growth since plumbing a 21-year low below $16 in April.<\/p>\n\n\n\n

But some experts believe the market had risen too far as the coronavirus pandemic continues.<\/p>\n\n\n\n

\u201cWith equity markets edging lower, and a vast amount of good news baked into oil prices at these levels, it was no surprise that the oil market\u2019s confidence wavered slightly.<\/p>\n\n\n\n

\u201cThat was not helped by a blowout rise in U.S. API crude inventories,\u201d said Jeffrey Halley, Senior Market Analyst at OANDA.<\/p>\n\n\n\n

Prices have been helped by a historic oil output cut of 9.7 million barrels per day (bpd), about one-tenth of pre-COVID-9 daily demand, by the Organisation of the Petroleum Exporting Countries (OPEC), Russia and others, a group known as OPEC+.<\/p>\n\n\n\n

An increasing relaxation of government lockdowns that sought to contain the spread of the virus has lifted demand by stimulating travel and commercial activities, also strengthening the market.<\/p>\n\n\n\n

OPEC+ agreed on Saturday to sustain the historic cut for another month till the end of July to support efforts to clear the glut and boost the partial compliance with the reduction.<\/p>\n\n\n\n

While this supported prices, the market came under pressure after Saudi Arabia, Kuwait and the United Arab Emirates resolved not to extend their additional voluntary supply cuts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices fell more than 1% towards $40 per barrel on Wednesday after a report revealed a surge in United States\u2019 oil storage, reigniting worries over glut and poor demand owing to the coronavirus crisis. American Petroleum Institute, an industry group, said oil stocks upped by 8.4 million barrels, contrary to analysts\u2019 forecast envisaging a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[21],"tags":[],"yoast_head":"\nOil prices fall, as U.S stock rise stokes oversupply fears, Bonny Light sheds 2.06% » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=20197\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=20197#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=21\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Oil prices fall, as U.S stock rise stokes oversupply fears, Bonny Light sheds 2.06%\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil prices fall, as U.S stock rise stokes oversupply fears, Bonny Light sheds 2.06% » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=20197","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=20197#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Economy","item":"https:\/\/watchdogplusmedia.com\/?cat=21"},{"@type":"ListItem","position":3,"name":"Oil prices fall, as U.S stock rise stokes oversupply fears, Bonny Light sheds 2.06%"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=21\" rel=\"category\">Economy<\/a>","rttpg_excerpt":"Oil prices fell more than 1% towards $40 per barrel on Wednesday after a report revealed a surge in United States\u2019 oil storage, reigniting worries over glut and poor demand owing to the coronavirus crisis. American Petroleum Institute, an industry group, said oil stocks upped by 8.4 million barrels, contrary to analysts\u2019 forecast envisaging a…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/20197"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20197"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/20197\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}