RIGZONE | Oil fell the most since late April as economic uneasiness iced U.S. stock markets, threatening to spoil crude’s recovery from a historic drop below zero.
The market is grappling with record high U.S. oil inventories and an uneven demand rebound as signs mount that a second wave of the pandemic could be taking hold in some states. U.S. jobless claims remained high, underscoring longer-term macroeconomic challenges a day after the Federal Reserve provided a grim outlook for the economy. Oil’s recovery has been driven by production cuts and the easing of pandemic-related lockdowns.
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