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Oil Rally Held Back By High Inventories, Coronavirus Fears

June 23, 2020

Via: Forbes

U.S. benchmark West Texas Intermediate (WTI) is over $40 a barrel, a price level it has struggled to surpass in the past. The uptick is the result of investor enthusiasm over the fact that global oil supply is still under control.

A positive meeting on Thursday of OPEC and its allies, led by Russia, helped add to the market’s confidence that producers would further cut production to comply with the 9.7 million barrel a day reduction agreement. International benchmark Brent is above $43.

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