Oil extends gains, but still under pressure from virus
SINGAPORE - Oil extended gains Thursday after a massive rebound overnight, but prices remain under pressure as the coronavirus strangles demand and storage facilities fill up.
Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world batter demand, and storage facilities are overwhelmed by excess supply. Trump’s threat overshadowed a weekly US inventory report that showed another big jump in crude stockpiles, including at the Cushing, Oklahoma hub where analysts say there is little remaining space.
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