Oil prices slid again on 10 September as U.S. crude stockpiles rose, showing that demand is still weak from the pandemic, according to an article in CNBC today. Coronavirus cases are still rising in many US states, forcing many to work from home or businesses to shut down operations in that lucrative oil market.
Faced with a surplus of crude stockpiles, commodity traders are booking tankers to store crude oil and diesel on the water, with supply outpacing consumption. OPEC leaders will meet in mid-September, and Citi analysts noted that if markets continue to weaken, the organisation will trim global output further.
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