Yesterday’s price slide had nothing to do with oil market-specific factors. Anxiety over trade wars and geopolitical risks overshadowed supply fundamentals. The drop in oil prices may give OPEC more incentive to extend their production cuts beyond June. WTI is $58.63; Brent is $68.65 this morning.
The Energy Information Administration reported that U.S. crude supplies rose by 4.7 million barrels for the week after analysts expected a fall of 2 million barrels, and data from the American Petroleum Institute had shown an increase of 2.4 million barrels. WTI Crude is $60.45; Brent is $69.85.
Buying pressures are caught between mounting geopolitical disruption risks in the Middle East and jitters over the fallout from the intensifying U.S.- China trade dispute, say some analysts. WTI Crude is $62.67; Brent Crude is $72.01 this morning.
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