Oil futures set for weekly drop as stock markets and US crude inventories weigh on prices
Oil prices were set on Friday to post their first weekly decline in three weeks following a sell-off in global stock markets after news of planned U.S. tariffs on steel and aluminium raised fears of a trade war.
U.S. crude is on track for a 4.5 percent drop this week, its first weekly decline in three, having given up much of the gains in recent weeks when sentiment was boosted by a fall in inventories at the Cushing delivery point for WTI.
U.S. crude stocks rose last week even as refineries hiked output, increasing by 3 million barrels, compared with expectations for a gain of 2.1 million barrels.
Still, stocks fell again at Cushing in Oklahoma, with inventories down by 1.2 million barrels in a 10th consecutive week of decline, the Energy Information Administration said this week.
more at: https://www.cnbc.com/2018/03/01/us-oil-rises-for-first-time-in-four-days.html