WTI Oil Declines But Stays Above $40 — Market Talk

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WTI Oil Declines But Stays Above $40 — Market Talk

08:18 ET – US benchmark oil prices decline slightly as Monday’s mostly-sideways trading session carries on ahead of a pair of weekly US inventory reports due later today by trade group API, followed by Wednesday’s official EIA report. Those reports last week showed bullish declines in US crude-oil inventories which suggested the US economy was in recovery mode from coronavirus and oil demand was rebounding. But as coronavirus cases continue to rise in some US states, and local government officials re-impose some shutdowns, Peter Cardillo at Spartan Capital says it may only be “a matter of time before the new wave of virus concerns,” start to have an impact. WTI falls 0.5% to $40.42/bbl.

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