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Oil Prices Drop as Inventories Rise Above Market Expectations

Crude oil futures dropped more than 1% to trade around $44.9 a barrel on Thursday, as investors remain concerned about near term fuel demand as the number of coronavirus infections continue to rise worldwide.

Latest data from the EIA showed gasoline inventories rose by 2.2 million barrels, more than markets expectations of a 0.6 million increase.

Also, news that AstraZeneca reported a mistake in the vaccine dosage received by some study participants in its late-stage COVID-19 trials pressured the market.

On Wednesday, the WTI crude touched $46.26 a barrel, its highest level since March 6th, supported by a surprise US crude oil inventories build, prospects that a coronavirus vaccine could be used soon, a possible delay in OPEC+’s planned production increase in January and the formal start of Joe Biden’s transition.

About Babajide Iletogun

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