Oil's Below $68 as Possible Stockpile Drop Counters Supply Boost - Bloomberg

Oil's Below $68 as Possible Stockpile Drop Counters Supply Boost - Bloomberg:

Oil traded below $68 as investors weighed the prospect of shrinking U.S. inventories against more supply from Saudi Arabia and America’s emergency hoard.

Futures in New York declined 0.4 percent after a 4.2 percent plunge on Monday. Government data on Wednesday is forecast to show U.S. inventories last week dropped further from the lowest level since 2015. Meanwhile, Saudi Arabia is offering extra crude volumes on top of its contractual supplies to some buyers in Asia and the Trump administration is said to be considering tapping into America’s Strategic Petroleum Reserve to cool rising fuel prices.