Oil Edges Up as US Stockpile Decline Overshadows Wider Trade War
Oil edged higher as signs of tighter near-term supply-and-demand balances overshadowed an intensifying global trade war that threatens to crimp global energy consumption.
West Texas Intermediate advanced 0.4% to settle just below $70 a barrel, continuing a three-week rally. A US government report on Wednesday showed the country’s stockpiles shrank by 3.34 million barrels last week to the lowest in a month, helping allay concerns of an oversupplied market.
Oil has trended higher since early March as sanctions and tariffs from the Trump administration raise the potential for supply disruption from producers including Iran and Venezuela.
WTI for May delivery rose 0.4% to settle at $69.92 a barrel in New York.
Brent for May settlement advanced 0.3% to settle at $74.03 a barrel.
Source: Bloomberg