Oil dips with US supply gain adding to global demand challenge
NEW YORK. Oil slipped after an increase in US crude inventories compounded concerns around a choppy global demand recovery.
While futures in New York came off session lows as the S&P 500 Index advanced, prices remained about 1 per cent lower yesterday. A US weekly inventory report showed the first gain in domestic crude supplies in a month. Meanwhile, a resurgent coronavirus in India is curbing fuel consumption. “The price pullback has been over rising uncertainty in regards to global oil demand, given the rise in infections, particularly in India,” said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets.