Oil Caps Longest Losing Streak in Four Months
- Crude recovery remains ‘fragile’ as supply returns: Goldman
- U.S. inventories fell 933,000 barrels to 531.5 million: EIA
Crude Oil Gets Left Behind From Risk Off Rally
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Oil fell a fifth day, capping the longest run of declines since February, as the return of Canadian output offset a U.S. crude stockpile drop.
Futures dropped 6.3 percent in New York over the last five sessions. The recovery in oil prices remains “fragile” as disrupted supplies return to the market and prolong a global surplus, according to Goldman Sachs Group Inc. Prices briefly moved into positive territory after U.S. Energy Information Administration data showed that crude supplies fell by 933,000 barrels last week.