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US crude oil inventories registered another sharp rise during the previous week, although there were some slight signs that market fundamentals were starting to align themselves with the reduced amount of storage capacity left.
President Trump threatened on Wednesday to destroy any Iranian gunboats that harassed US ships at sea, triggering a so-called 'short squeeze' in US oil futures according to analysts.
A big divide remained between the member states of the European Union on whether any coronavirus recovery aid should be handed out as subsidies or loans.
