Oil Falls to Four-Week Low on Trade Angst, Oversupply Worries - Bloomberg

Oil Falls to Four-Week Low on Trade Angst, Oversupply Worries - Bloomberg:

Oil slid to the lowest in almost a month as pessimism about a trade truce between the U.S. and China continued to dog markets, while the resumption of Russian pipeline flows fed worries about a supply glut.

Futures tumbled as much as 3.4% on Thursday in New York, erasing earlier gains. Tech and consumer stocks fell amid a spate of disappointing corporate earnings, while U.S. Treasuries weakened on signs that Beijing and Washington are making little progress in reaching a deal.

Russian pipeline operator Transneft PJSC, meanwhile, said it resumed full flows from the country’s largest crude producer, Rosneft PJSC, after imposing restrictions due to contamination concerns.

West Texas Intermediate for August delivery fell $1.61 to $55.17 at 1:21 p.m. on the New York Mercantile Exchange, after earlier touching the lowest since June 20. September Brent lost $1.77 to $61.89 on the ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $6.58 to WTI for the same month.