Oil prices today fell after U.S. industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries ease coronavirus lockdowns.
The decline in oil benchmarks extended losses also over uncertainty about Russia’s commitment to deep output cuts ahead of a 9th June meeting of the Organization of the Petroleum Exporting Countries and its allies, OPEC.
In intra-day trade, Brent crude prices, were trading at 34 dollars and 70 cents per barrel while WTI crude prices were at 32 dollars and 70 cents per barrel.
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