Oil futures lose ground, assisted by President Trump’s call for Saudi Arabia and OPEC to bring down prices, implying a need to raise output.
Ritterbusch sees Trump’s energy messages as bearish on balance, “but as long as Trump’s proposals continue to be issued in rapid fire, enough confusion over his policies could preclude significant downside followthrough.”
The EIA’s report of a ninth straight weekly decline in U.S. crude inventories “generally tilted in a bullish direction,” the firm adds, while the expected build in gasoline stocks and bigger-than-expected draw in distillates “appeared mildly supportive.”
WTI settles down 1.1% at $74.62 a barrel and Brent falls 0.9% to $78.29 a barrel.
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