Oil down $2 as US crude inventories swell, Covid-19 resurgence feared

Oil prices fell $2 a barrel on Wednesday, as investors worried about record high crude inventories and feared that a second wave of the coronavirus pandemic could stall the reopening of global economies and cut fuel demand.

Brent crude was down $2.04, or 4.8 per cent , to $40.59 a barrel by 11:03 a.m. EDT (1503 GMT), a day after hitting its highest since prices started plunging in March. US West Texas Intermediate (WTI) crude fell $2.04, or 5.1 per cent , to $38.33 a barrel.

US crude oil inventories swelled last week by 1.4 million barrels, far exceeding analysts' expectations in