Crude Oil Prices Into Recovery

Oil prices managed to recover around 1% this morning after the number indicated in that crude inventories in the United States dropped much more than predicted.

Moreover, demand levels are also rising even as another wave of the coronavirus outbreak spreads around the world.

Now, oil trades at 39.875, which is a minor incline of $0.080 or 0.20% from the previous close of $39.795. The daily trading range is from $39.515 to $39.925, while the trading volume is 14.046K.

Furthermore, U.S. crude and gasoline stocks fell more than estimated last week, while distillate inventories surged, according to data generated by the American Petroleum Institute (API).

Crude inventories lost 8.2 million barrels to 537 million barrels, versus to initial predictions of 710,000 barrels.

In addition, adding to oil prices incline was the output reduction coming from the Organization of the Petroleum Exporting Countries (OPEC) to the lowest in two decades in June.