Oil prices drop the most in a week
Oil prices fell Wednesday, snapping a four-game winning streak, helped by inventory data and profit-taking.
U.S. crude inventories rose by 3.45 million barrels last week, the most in two months, compared with expectations for a 1.0 million barrel decline. Investors also took profits on Wednesday after crude prices rose 9% to 10% over the previous four sessions on the belief that the U.S. de-escalation of trade conflicts means a brighter economic outlook and demand for commodities.
Another bearish sign for oil prices could be the news that President Donald Trump, who signaled shortly after taking office that he wanted oil prices to fall, prefers a range of $40 to $50 a barrel, lower than where they are now, according to a Goldman Sachs analysis of more than 1,000 of Trump’s social media posts from the past 16 years.
At the close of trading on ICE Futures Europe, Brent crude oil in the leading July contract was down 0.8% to $66.09. On NYMEX, the price of a barrel of WTI crude oil in the leading June contract was down 0.8% to $63.15. In both cases, this is the biggest one-day decline since May 7. Both types of oil are down more than 11% so far this year.
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