Record U.S. Crude Stockpiles Show Cracks in Oil Market Recovery
- Stockpiles top 2017’s record high, even as producers pull back
- Second U.S. coronavirus wave puts demand uptick in question
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Swelling U.S. oil stockpiles are signaling that a difficult path lies ahead for OPEC and its allies who are trying to stabilize the market with record output cuts.
Just weeks after American explorers began shutting in wells in the wake of a slump in demand, a recent recovery in crude is prompting some producers to turn the taps back on at a time when a fresh onslaught of the virus challenges pockets across the country.