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Oil prices fell more than 4.5% on Wednesday to a seven-month low. The decline followed a surprise 2.4 million barrel build in U.S. crude stockpiles, versus an expected 2.8 million barrel draw, and worries that the escalating U.S.-China trade war will shrink demand.
A larger-than-expected inventory build signals weaker near-term crude demand and ample supply, while trade-war demand fears cut the outlook further, pressuring energy prices and related biofuel and feedstock values.
reuters.comCollin EatonAug 7, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Aug 7 oil fell nearly 5% to a seven-month low on a surprise US crude stock build and trade-war demand fears, driving the final leg of the ULSD decline.
Brent fell over 4.5% on Aug 7 to a seven-month low on a surprise US crude build and trade-war demand fears, contributing directly to the window's end.
