Oil traded near $74 a barrel as investors weighed tightening U.S. supplies against a pledge from Saudi Arabia to expand output. Meanwhile, President Donald Trump lashed out at OPEC.
Futures in New York were little changed following the U.S. Independence Day holiday. American stockpiles fell 4.51 million barrels last week, the American Petroleum Institute was said to report on Tuesday. Trump blasted OPEC in an angry tweet, saying the group is “doing little to help” reduce gasoline costs. Earlier, Saudi Arabia and Russia reaffirmed a deal between the group and its allies to boost output to ease concerns over a global supply shortfall.
West Texas Intermediate crude for August delivery traded at $73.92 a barrel on the New York Mercantile Exchange, down 22 cents, at 9:53 a.m. in Singapore. The contract added 20 cents to $74.14 on Tuesday, and there was no settlement Wednesday due to the U.S. holiday.
Brent for September settlement lost 52 cents, or 0.7 percent, to $77.72 a barrel on the London-based ICE Futures Europe exchange. The contract on Wednesday gained 48 cents at $78.24. The global benchmark traded at a $6.30 premium to WTI for September.
Source : Bloomberg