Economics
Oil Declines as Supply Concerns Loom With Summer Season Ending
- EIA raises both its 2017, 2018 U.S. crude output forecasts
- U.S. crude inventories drop by 7.84 million barrels a day: API
Macro Risk's Kettenmann Remains Cautious on Oil
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Oil slid on concerns that supplies may rise once the summer driving season ends, with traders shrugging off an industry report showing U.S. stockpiles declined.
Crude inventories dropped by 7.84 million barrels last week in an American Petroleum Institute report released Tuesday, people familiar with the data said. That would be the largest draw since September if Energy Information Administration data confirm it Wednesday. However, stockpile declines are common during this time of year. The EIA Tuesday raised U.S. oil output forecasts while cutting price estimates for this year.