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Oil Languishes Near Five-Month Low After U.S. Stockpile Surprise
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Oil Jumps From Near Five-Month Low After Report Tanker on Fire
Futures in New York rose more than 3% after the Port of Fujairah in the United Arab Emirates received a distress signal from the tanker Front Altair, according to a port official and a person with knowledge of the incident. Oil slumped 4% Wednesday after U.S. government data showed crude stockpiles expanded by 2.2 million barrels last week, compared with a forecast for a decline in a Bloomberg survey. The incident in the Gulf of Oman follows attacks on oil tankers near the Persian Gulf last month and raises the possibility of a disruption of crude flows.
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Oil Languishes Near Five-Month Low After U.S. Stockpile Surprise
U.S. stockpiles rose by 2.2 million barrels last week, the Energy Information Administration reported Wednesday, compared with a 1 million barrel decrease forecast in a Bloomberg survey. President Donald Trump said he had no deadline for China to return to trade talks, other than the one in his head. The rupture between the U.S. and China and swelling American stockpiles have conspired to wipe out most of this year’s rally, with West Texas Intermediate crude now at similar levels to where it was in mid-January.
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