The US crude oil inventories have gone up during the week ending, 15 Jan 2021, having been in decline for weeks.
The latest data from the EIA, US Energy Information Administration, clearly show an upward trend.
Since there is a strong correlation between the US crude oil inventories and the price of oil, the investors seemed to be aware of the rising crude oil stocks in the US.
The oil price dropped for two consecutive days, after rising steadily for weeks despite the lockdowns.
The rising Coronavirus cases in China and the strict lockdown measures that the Chinese will take have made the investors worried about the potential impact.
The analysts, however, are not predicting a repeat of what happened on April 20, adding a new chapter to the history of the commodity for oil enthusiasts to analyse for years to come.
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