Oil fell in the wake of equity market
Oil prices went down on Wednesday: ICE Brent for July delivery dropped by 2.5%, to settle at $109.11/b and NYMEX WTI for June delivery also…
Brent futures contracts dipped on Wednesday and early Thursday, with the prompt month contract at 55.4 $/b, as all risky assets tanked amid broader market concerns about the macroeconomic backdrop. Furthermore, the EIA reported a large crude inventory draw of 9.9 mb, but mostly due to volatile net imports. The Norwegian field Johan Svredrup is expected to reach its daily capacity by mid-2021, at 535 kb/d.
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