Friday, February 6, 2026
Oil holds near $30, caught between demand loss and supply cuts- oil and gas 360

Oil holds near $30, caught between demand loss and supply cuts

Reuters LONDON – Oil prices edged higher on Wednesday, reversing earlier losses, and Brent held near $30 a barrel as potential OPEC+ plans to deepen supply cuts were tempered by demand concerns exacerbated by a possible second wave of coronavirus infections as countries ease lockdowns. Brent crude was flat at $29.98 a barrel by 1332 GMT, after hitting a low

U.S. crude oil inventories decrease by 2.0 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 0.7 million barrels

Weekly Crude Oil Storage as of May 8, 2020   U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.7 million barrels from the previous week. At 531.5 million barrels, U.S. crude oil inventories are about 11% above the five year average for this time of year, according to the EIA crude oil and petroleum