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Oil prices regain some losses

Crude oil prices moved higher after the Energy Information Administration reported a crude oil inventory build of 500,000 barrels for the week to October 2. A larger decline in gasoline and distillate stocks and a sizeable increase in production, however, were more bullish.

This compares with a 2-million-barrel draw estimated for the previous week and analyst expectations for a moderate build of less than 300,000 bpd.

A day earlier, the American Petroleum Institute estimated an inventory build of close to 1 million barrels, which contributed to a price decline that began last week on renewed fears about demand as Europe continued tightening restrictions to stem the spread of the coronavirus.

Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.