(Bloomberg) -- Oil resumed its slide after a surprise jump in U.S. crude inventories stirred fears of a supply glut at a time when trade wars are already raising concerns about global demand.
Futures in New York were off 0.7%, after settling 0.4% higher Tuesday. The market has retreated around 20% from its April highs to sit on the cusp of a bear market. The American Petroleum Institute’s weekly report was said to show a 3.55 million barrel increase in U.S. stockpiles last week, compared with a 2 million decline predicted by analysts in a Bloomberg survey. API also reported a 9 million barrel surge in gasoline and distillate fuels.
The data hit a market already reeling from escalating trade tensions between the U.S. and China, and the Trump administration’s threat to slap tariffs on Mexico.
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