Futures slid 0.5 percent after advancing 1.2 percent earlier. Oil may slip below $40 unless there are sustained inventory declines and a drop in the rig count, according to Goldman Sachs. U.S. crude stockpiles probably fell by 2.85 million barrels last week, a Bloomberg survey showed before an Energy Information Administration report Wednesday. “The market is still searching for a new equilibrium, and in particular for a lower band for the oil-price range,” said Jan Edelmann, an analyst at HSH Nordbank AG in Hamburg. Investor sentiment is “close to its lows,” which may cause a “renewed downswing in prices to sub-$40.” Click Read More below for additional detail.
American Dollar to Canadian Dollar = 0.738438; American Dollar to Chinese Yuan = 0.138380; American Dollar to Euro = 0.982007; American Dollar to Japanese Yen = 0.006784; American Dollar to Mexican Peso = 0.051183.