The oil market has continued to come off recent highs after the API predicted a build of 1.7 million bbls for last week.
It did, however, also predict a draw in gasoline and distillate levels. But let’s keep an eye on for later this afternoon when the EIA will confirm the actual stats.
The virus outbreak continues to hit the Americas badly, with new cases of COVID-19 rose 25% in the United States in the week ended June 21 and the death toll in Latin America passed 100,000 on Tuesday, according to a Reuters analysis and tally.
In the wider financial industry, according to Reuters, the world’s largest exchange-traded fund linked to oil has been hit with at least one class action lawsuit after a plunge in prices led to billions of dollars in losses and allegations that investors weren’t properly warned of the risks.