Oil Slips in Choppy Trade as Market Weighs US Stockpiles, Libya
- EIA reports crude inventories declined by 846,000 barrels
- Top Wall Street banks are starting to sour on crude’s outlook
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Oil slipped for a second day, extending a bumpy run so far this month, with the market focusing on Libyan supplies, key technical indicators and US inventory data.
West Texas Intermediate fell 1.3% to settle below $75 a barrel after a recent geopolitical-driven rally failed to push futures above the 200-day moving average, which is now serving as a ceiling for price gains.