U.S. crude stockpiles grew by 1.58 million barrels, the Energy Information Administration said. It was the second week of surprise increases to inventories. Still, exports rebounded, gasoline stocks shrank and gasoline demand climbed to its highest in almost 30 years of record-keeping. WTI Crude is $54.22; Brent is $58.06 this morning.
Oil markets have been whipsawed between gains and losses this month as concerns about the impact of the U.S.-China trade war compete with a pledge from Saudi Arabia to stem the price rout. WTI Crude is $56.08; Brent is $60.32 this morning.
Traders tout we still have an undecided oil market which is surprising, given that the OPEC+ alliance remains committed to output cuts and may be prepared to do even more. WTI Crude is $54.75; Brent is $58.46 this morning.
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