Tag oil extends losses after report shows surprise u s stocks build

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Tag Oil Extends Losses After Report Shows Surprise U.S. Stocks Build

Tag Oil, a New Zealand-based oil producer, has seen its shares decline further after a report showed a surprise build in U.S. crude oil inventories. The news has weighed on oil prices, causing Tag Oil's stock to extend its losses.

According to the report, the U.S. Energy Information Administration (EIA) revealed that crude oil inventories rose by 2.1 million barrels last week, defying expectations of a drawdown. This unexpected build has led to a decline in oil prices, making it more challenging for oil producers like Tag Oil to maintain their revenue.

Tag Oil's shares have been under pressure in recent weeks due to concerns over the impact of the COVID-19 pandemic on global oil demand. The company's stock has fallen by around 20% over the past month, and the latest news has only added to the pressure.

The decline in oil prices has also had a ripple effect on other energy-related stocks, with many companies in the sector experiencing significant losses. The news has sent shockwaves through the global oil market, with investors becoming increasingly cautious about the outlook for the industry.

In response to the report, oil prices have fallen by around 2% to $40.50 per barrel, with Brent crude also declining by around 2% to $42.50 per barrel. The decline in oil prices has made it more challenging for oil producers like Tag Oil to maintain their revenue, and the company's shares are likely to remain under pressure in the short term.

Overall, the surprise build in U.S. crude oil inventories has sent a negative signal to the oil market, leading to a decline in oil prices and a further decline in Tag Oil's shares. The company's stock is likely to remain under pressure in the short term, and investors will be closely watching the developments in the oil market to gauge the impact on the company's revenue and profitability.