Oil Extends Move Lower on Supply-Demand Concerns
Oil futures are lower for a third session with prospects of increased output and easing demand keeping buyers at bay.
Ritterbusch sees inventories rising "appreciably" as OPEC production increases become more visible "at a time when the U.S. tariffs will be having a larger impact, even if they are watered down or further delayed."
Smaller than expected long trader positions in WTI, however, could accentuate the response to any bullish headlines, the firm adds in a note.
WTI for August delivery is down 1% at $66.56 ahead of today's expiration. Brent is off 0.9% at $68.60.
Source : Dow Jones Newswires