Why Oil Remains Stuck At $40

Oil prices posted gains once again on Wednesday on the back of bullish data from the EIA, but analysts are warning that plenty of downside risks remain.  The EIA reported a huge drawdown in crude inventories on Wednesday, with a drop of 10.6 million barrels. That was enough to lift crude prices.  But several analysts argued this week that the bigger picture is murkier, with economic and pandemic-related risks looming. “While upwards momentum has stalled over the past month, we still think prices are overdue a downwards correction…