US crude oil dropped more than 4 per cent in early trading, falling to as far as $27.32 a barrel. It bounced back to trade down 70 cents at $27.76 as of 0945 GMT (3:15 p.m. in India). The contract settled down 96 cents, or 3.26 per cent, in the previous session. Brent futures fell by 75 cents to $28.01 a barrel, after trading as low as $27.77, not far from the 12-year trough of $27.67 hit on Monday. They settled up 21 cents, or 0.7 percent, in the previous session.
Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand.
U.S. crude stockpiles are forecast to fall 3.6 million barrels in a fourth consecutive weekly decline. The first of this week’s two supply reports is due at 2030 GMT from the American Petroleum Institute, an industry group.
more detail at: https://www.nasdaq.com/article/oil-rises-towards-65-as-supply-concerns-outweigh-trade-disputes-20190709-00229