Oil stockpiles fell again last week, along with gasoline and distillate inventories, data from the American Petroleum Institute industry group showed on Tuesday. The outlook for another draw in U.S. crude inventories plus renewed outages in Libya are supporting oil prices, say experts. WTI Crude is $58.45; Brent is $65.13 this morning.
Fears of a demand slump were overdone, and the market is now taking a more realistic approach. The current outlook for oil isn’t so bad, with tightness likely to persist for the rest of the third quarter. WTI Crude is $57.41; Brent is $64.33 this morning.
Fragile economic growth caused by the protectionist U.S. trade policy is having a profound impact on oil demand and oil-demand growth. WTI Crude is $56.16; Brent is $63.20 this morning.
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