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May 6, 2020

American oil prices fall after steady gains

By Matt Farmer

After days of steady gains, West Texas Intermediate oil prices have fallen by around 7% today.

This is linked to expectations in the US government’s upcoming report on its oil stockpile. Investors expect the report to show inventories grew by 7.1m barrels.

Meanwhile, Russian Deputy Energy Minister Pavel Sorokin has told reporters he does not expect global oil demand to return to its pre-crisis levels quickly.

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