Oil Rally Stalls With Virus Looming Over the U.S. Demand Outlook
- Motor fuel supplies gained 550,000 barrels last week: survey
- U.S. gasoline stocks at the highest seasonally in decades
Photographer: Trevor Snapp/Bloomberg
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Crude futures in New York were unable to rise above $41 as rising U.S. coronavirus cases continue to threaten the nation’s fuel-demand recovery.
Depressed demand during the usually active summer driving season is contributing to growing stockpiles. The U.S. recovery has lagged Europe with American gasoline consumption falling by almost 420,000 barrels a day last week, according to RBC Capital markets.