Oil Will Go ‘’Bust’’ If Recession Hits
By Nick Cunningham - Jul 18, 2019, 6:00 PM CDT
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Oil prices plunged again on Thursday, dragged down by fears of slowing demand.
An unexpected increase in inventories underscored the downside risk to oil prices. The EIA reported a drawdown in crude stocks, but a huge 9.25 million barrel combined increase in gasoline and diesel inventories, which surprised traders. Also, gasoline demand plunged by 0.5 mb/d in the week ending on July 12, although week-to-week changes are typical and make the data a bit