Oil remains close to five-month high
Coronavirus and a lack of progress on US stimulus talks overshadows an industry report pointing to another drop in US stocks
12 August 2020 - 07:38
Singapore/Sydney — Oil held a loss — but remained near a five-month high — as an industry report pointing to another drop in US crude stockpiles was overshadowed by the coronavirus and a lack of progress on US stimulus talks.
Futures in New York were steady near $42 a barrel after losing 0.8% on Tuesday. The American Petroleum Institute (API) reported inventories fell by 4.01-million barrels last week, according to people familiar with the data. That would be the third consecutive weekly drop if confirmed by government figures...
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