Oil Falls Sharply from 4-Month-High -- Market Talk
July 09 2020 - 3:18PM
Dow Jones News
14:48 ET - US benchmark oil prices fall by the most in nearly
two weeks, ending the session 3.1% lower at $39.62/bbl as investors
fret over increasing cases of coronavirus and rising inventories of
crude oil at the US storage hub in Cushing, Okla. WTI rallied to a
four-month-high of nearly $41/bbl on Wednesday and some analysts
said the market was carving out $40 as a market trough. But that
bullish sentiment quickly vanished as data this morning showed US
jobless claims remain elevated, which caused US stock markets to
tumble and led to a return of risk aversion in crude-oil futures
markets. (dan.molinski@wsj.com)
(END) Dow Jones Newswires
July 09, 2020 15:03 ET (19:03 GMT)
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