BRENT OIL 40.50USD, -1.23,-2.95%
Today Brent Oil prices fell by 2.95% and it is trading on 40.50USD a barrel. This is because they have been worried about the slow growth in terms of the demand as the coronavirus cases rise with also the U.S crude stockpiles hitting an all-time high and the U.S. Federal Reserve actually announced that the recovery from the pandemic is likely going to take years. The U.S. crude inventories rose unexpectedly by 5.7 million barrels in the week of June 5 to 538.1 million barrels a record -as imports were boosted by the arrival of supplies bought by refiners when Saudi Arabia flooded the market in March and April.