Investing.com investing.com 23 Dec, 2020 23:45 am

Oil Bucks Two-Day Drop on Supportive U.S. Inventory Data By Investing.com

Oil Bucks Two-Day Drop on Supportive U.S. Inventory Data By Investing.com
Oil Bucks Two-Day Drop on Supportive U.S. Inventory Data

Crude prices turned around from two straight sessions of weakness to rally for the first time on Wednesday after supportive weekly inventory data from the U.Still, crude prices rebounded Wednesday after the EIA reported inventory data for last week that was broadly positive compared to recent weeks.The new variant of the virus was reportedly 70% faster to contract.Centers for Disease Control and Prevention also warned on Tuesday that the new variant of the virus was probably already in America, undetected.

Prior to the two-day drop, oil prices had been on a tear for seven weeks in a row on bets that people across the world might soon be able to travel freely as millions of doses of coronavirus vaccines were being prepared for delivery, after approval by relevant health authorities.For the driving component, the gasoline draw was a relief, being the first of its kind in seven weeks.

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