Crude oil prices fall as coronavirus cases pick up in China, US
NEW YORK: Oil prices fell on Wednesday as investors worried about fuel demand due to fresh outbreaks of COVID-19, though prices drew some support after US stocks of diesel fuel fell for the first time in weeks and US oil production dropped sharply.
Brent crude was down 31 cents, or 0.8 per cent, at $40.65 a barrel at 10:50 EST (1450 GMT). US West Texas Intermediate (WTI) fell 43 cents, or 1.1 per cent, to $37.95 a barrel.
US crude inventories rose by 1.2 million barrels, but distillate stockpiles, which include diesel and heating oil, fell by 1.4 million barrels following weeks of significant builds as refiners continued to blend jet fuel into their distillate pool, EIA data showed on Wednesday.
