Oil’s rally stalled as traders weighed the threat Tropical Storm Barry poses to refineries on the U.S. Gulf Coast against prospects of an ongoing trade war and OPEC’s concerns over global demand.
Futures slipped for the first time in six sessions on Thursday, closing 0.4% lower in New York. U.S. President Donald Trump tweeted that China wasn’t living up to promises to buy more American farm products. Meanwhile, more than half the oil output in the U.S. sector of the Gulf of Mexico was shuttered as companies evacuated deep-water platforms. Stocks also erased gains.