U.S. oil slips back after 2-session climb ahead of domestic inventory data (marketwatch)

U.S. oil futures pulled back on Tuesday after two sessions of consecutive gains, but losses were modest as traders fretted over signs of receding output and braced for the latest weekly U.S. crude inventory data.

Renewed U.S. sanctions on Iran and supply disruptions in Libya and Venezuela have supported oil prices lately, amid data showing growing output from major producers such as Saudi Arabia (a member of the Organization of the Petroleum Exporting Countries) and non-OPEC producer Russia. U.S. sanctions on oil exports go into effect in November, with investors estimating more than 1 million barrels daily being taken off line.
more at: https://www.marketwatch.com/story/oil-tries-to-stretch-gains-to-a-third-session-ahead-of-us-inventory-reports-2018-08-28

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