Futures decreased as much as 2.1 percent in New York, as investors across financial markets fled risky assets while Trump faces the biggest crisis of his presidency over a series of damaging revelations. That’s countering optimism after U.S. data showed stockpiles last week fell for a sixth straight week and crude production ended the longest stretch of gains since 2012. U.S. crude stockpiles declined 1.75 million barrels to 520.8 million barrels last week, down from a record 535.5 million at the end of March, according to the Energy Information Administration. The nation’s oil production dropped to 9.3 million barrels a day, EIA data released Wednesday show. click Read More below for more of the story
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