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.
Oil is facing global headwinds from the escalation of the trade war, weak macro data and a strong U.S. dollar, say analysts. Traders seem to be waiting for the next round of bad news. WTI Crude is down $.53 to $53.97; Brent is down $.33 to $58.20 this morning.
Recession risk and escalation of U.S.-China trade wars are concerns in the near term. OPEC leaders say they plan to maintain crude oil exports below 7 million barrels per day thru September, bringing the market back to balance and help in absorbing global oil inventories. WTI Crude is up to $53.21; Brent is $58.18 this morning.
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