A second consecutive day of decline signals that the recent rally in crude oil prices might have lost momentum. Besides a disappointing report showing the first US crude inventory increase in 8 weeks, the market was unimpressed by the news of Saudi Arabia’s output cut.
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Oil’s Recent Rally Lost Steam amidst Concerns over Inventory Gains
Risk sentiment failed to pick up as US oil inventory report reminds the market of supply glut in the energy markets. Although crude inventory registered less increase than expected, both gasoline and distillate stockpiles soared sharply. Crude oil benchmarks remained weak. Although the WTI contract managed to recovered after 7 consecutive days of decline…
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Sharp Increase in Fuel Inventory Keeps Sentiment Weak