Oil prices move up after selloff sends crude below $100 a barrel

Oil future moved up on Wednesday, staging a partial rebound from losses that pulled U.S. and global benchmark crude prices below $100 a barrel, even as U.S. crude supplies climb for a second week in a row and traders continued to weigh risks to energy demand.

Price action
Market drivers

Data from the Energy Information Administration released Wednesday, as part of the agency’s weekly U.S. petroleum supply report, revealed a significant drop in gasoline demand in the wake of the Independence Day holiday weekend.

Source link

%d bloggers like this: