US Oil Stocks Reach Highest Level of 2020

摘要

In a year of historic surplus, US stocks of oil hit their highest level of 2020 in the week ended May 22, according to official US data. Oil markets have turned a corner in recent weeks, and traders are bidding prices up on hopes that recovery efforts from the coronavirus outbreak will reignite demand and production cuts will help draw down stocks in June or July. But oil is still flowing to tanks in the meantime and the path of demand recovery remains highly uncertain (OD May27’20).