Futures lost 0.3 percent in New York after rebounding Tuesday from the biggest drop in a week. Motor fuel stockpiles gained by 1.4 million barrels last week, while crude inventories fell by 3.6 million barrels, the American Petroleum Institute was said to report. Energy Information Administration data Wednesday is forecast to show both gasoline and crude stockpiles decreased. U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, dropped by 462,000 barrels last week, said the API, according to people familiar with the data. Nationwide crude inventories probably decreased by 3.48 million barrels last week, while gasoline supplies slid 1.25 million, according to analysts surveyed by Bloomberg. Click Read More below for additional detail.
Oil futures slipped Friday, leaving the U.S. benchmark on track for a loss of more than 5% for the week, as signs of a weakening global economy play out against still robust levels of production.
The weekly drop was fueled by Thursday’s sharp retreat, which came amid worries about energy demand, a stronger dollar that makes U.S.-priced commodities less attractive, and reports that Libya could soon increase production. China-U.S. trade uncertainty and a vulnerable stock market are adding to the worrisome economic picture highlighted by oil bears.
more at source: https://www.marketwatch.com/story/us-oil-benchmark-on-track-for-a-5-weekly-slide-2019-02-08