Oil was anchored near $41 a barrel with an industry report signaling a surprise gain in U.S. crude stockpiles, while concerns linger about the threat to demand from rising coronavirus infections.
The American Petroleum Institute reported inventories rose by 2.05 million barrels last week, with Cushing supplies expanding for the first time since early May, according to people familiar with the data. Official figures are due Wednesday. Meanwhile, the virus set records across the U.S., with Texas’s daily cases, Arizona’s deaths and California’s hospitalizations hitting new highs.
Oil’s rally from its plunge below zero in April has stalled with rising infections leading to the reintroduction of stricter measures to curb the spread, raising concerns demand may be derailed. OPEC+ is also poised to ease its historic supply cuts next month, with Reuters reporting the U.A.E. is planning to increase crude exports by as much as 300,000 barrels a day in August.
