By
Bloomberg News - July 18, 2018
Oil slipped below $68 a
barrel toward its lowest level in almost a month after an industry report
showed a surprise gain in American crude inventories at a time when more supply
is expected from the Organization of Petroleum Exporting Countries and
the US.
Futures in New York
dropped as much as 0.7 percent. The American Petroleum Institute was said to
report stockpiles rose 629,000 barrels last week, in contrast to expectations
for government data due Wednesday to show a 4.1 million barrel drop. Meanwhile,
US benchmark West Texas Intermediate is hovering just above its 100-day moving
average after London’s Brent settled below that level on Monday for the first
time since March.
Crude has retreated
about 9 percent in July as an escalating trade conflict between the US and
China threatens to derail economic growth and cut demand. Goldman Sachs Group
Inc. said the potential release of crude from America’s emergency stockpile,
signs that Saudi Arabia is responding to increased pressure from President
Donald Trump to pump more and uncertainty over the timing of a possible drop in
Iranian exports due to sanctions are stoking price volatility.
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