Stock Market News: Dow Is Rising
Oil futures sink as bearish signals pile up from OPEC+ bringing back withheld output to possible demand fallout over U.S. trade tariffs and expectations for talks toward ending the Russia-Ukraine war.
“All the planets have lined up in favor of the bears in recent days and the crude oil price has suffered accordingly,” Mizuho’s Robert Yawger says in a note. “Then the EIA weekly storage report dropped another bear bomb on the market.”
The EIA reported a larger-than-expected 3.6 million barrel increase in U.S. crude inventories, and further builds are likely as refineries take advantage of the slow season to do maintenance, Yawger says.
WTI settles down 2.9% at $66.31 a barrel after hitting a nearly two-year intraday low of $65.22. Brent falls 2.4% to $69.30 a barrel.