COVID-19 Market Update Brent crude gained over 1% Thursday, which–dull as it sounds–was its highest level since March. The bump came as US inventories lessen and OPEC cuts production, while governments are starting to ease COVID-19 restrictions and reopen parts of the economy helping to put demand on the recovery path. WTI gained 1.28% Thursday. But on Friday, a new panic set in after China declined to publish its annual economic growth targets, sending oil prices 6% down in the early Friday hours. (Check out the Oilprice.com homepage for live oil prices). US inventories dropped for two straight weeks, with EIA data showing that inventory rose by 6.6 million bpd in Q1 and will rise by 11.5 million bpd in Q2, but then we will see refiners buy up stored oil as the economy reopens. The aftermath of the oil price war and a global pandemic will revert the […]