The Schork Report publisher Stephen Schork argues oil prices will continue to fall.
U.S. oil inventories ballooned last week as the COVID-19 pandemic crushed demand.
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Crude oil stockpiles rose to 13.83 million barrels in the week ended March 27, the U.S. Energy Information Administration said Wednesday. Economists surveyed by Refinitiv were expecting a build of 4 million barrels.
West Texas Intermediate crude oil futures for May delivery touched a session low of $19.90 a barrel, down 2.8 percent, in the moments following the release before paring their losses.
OIL’S RECORD CORONAVIRUS SLIDE IS NOWHERE NEAR BOTTOM
COVID-19 has caused states across the country to issue “stay-at-home” orders, causing a sharp drop in the use of gasoline and jet fuel.
This story is developing. Check back for updates.
