Oil Falls From a Three-Month High Before Key Inventory Report - Bloomberg

Oil Falls From a Three-Month High Before Key Inventory Report - Bloomberg:

Oil slipped from a three-month high before a U.S. government report expected to show another increase in inventories, signaling the market still has its work cut out to clear a massive supply glut.

Crude futures earlier rallied after President Donald Trump insisted the U.S.-China trade deal was “fully intact,” contradicting remarks from a trade adviser that sent markets into a tailspin. While the market has been buoyed in recent days by signs that demand is coming back, renewed fears of a second wave of the coronavirus is spurring some caution.

“Crude has had a draw only three weeks since mid-January, so I wouldn’t be surprised to see another build from this week’s report,” said Michael Hiley, head of over-the-counter energy trading at New York-based LPS Futures.

PRICES
West Texas Intermediate for August fell 36 cents to $40.37 a barrel in New York Brent for August settlement slid 45 cents to $42.63 on the ICE Futures Europe exchange