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Oil declined as a slide across financial markets overshadowed the positive signal from the biggest draw in U.S. crude stockpiles in six months. Futures in New York slid 0.3 per cent as negative sentiment rippled through markets amid concerns over earnings, the resurgence of the pandemic, and a cautionary outlook on the U.S. economy from the Federal Reserve. A stronger dollar also reduced the appeal of commodities priced in the currency. There are signs that the COVID-19 outbreak is continuing to crimp fuel consumption. China’s flight and road travel has declined ahead of the Lunar New Year, which typically sees a seasonal boost to demand, while traffic in Los Angeles slumped over the past month. An experienced instructional team brings over 45 years of combined experience with the Alberta Energy Regulator to provide practical and actionable advice to navigate the energy regulator process in new course on March 11. The bearish tone eclipsed an almost 10 million-barrel decline in U.S. crude stockpiles and shrinking inventories at the key storage hub of Cushing. “The initial euphoria sparked by the inventory data has quickly evaporated,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “The tone in the oil market […]
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