Global Stock Markets
Crude prices came under pressure, ahead of U.S. supply data that could show rising stockpiles, and as it followed perceived riskier assets lower after the resignation of the White House’s chief economic adviser, Gary Cohn.
April West Texas Intermediate crude CLJ8, -0.77% dropped 53 cents, or 0.9%, to $62.07 a barrel. The contract has gained 2.6% over the past two sessions, scoring a third-straight climb on Wednesday. May Brent crude LCOK8, -0.84% the global oil benchmark, fell 62 cents, or 0.9%, to $65.17 a barrel.
The American Petroleum Institute late Tuesday reported U.S. crude supplies rose 5.7 million barrels for the week ended March 2, according to sources. It also showed a fall of 4.5 million barrels in gasoline stockpiles, while distillate inventories climbed 1.5 million barrels.
That data comes ahead of official supply data from the Energy Information Administration due Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a rise of 2.5 million barrels for crude inventories, along with declines of 500,000 barrels for gasoline and 1.6 million barrels for distillate supplies.
Oil prices fell late Tuesday on the API data, with losses then compounded by news of Cohn’s resignation, which also triggered sharp losses for U.S. stock futures and weakness in the U.S. dollar. Oil has been broadly tracking moves in stock markets, which have been volatile since an early February selloff.
Cohn’s resignation came on the heels of U.S. President Donald Trump’s decision to impose steel and aluminum tariffs that had been opposed by the economic adviser. He was largely viewed as a steady hand in an administration that some critics have called tumultuous.
On Nymex, April gasoline RBJ8, -0.09% shed 0.2% to $1.929 a gallon, while April heating oil HOJ8, -0.61% fell nearly 1% to $1.885 a gallon.
April natural gas NGJ18, +1.16% was flat at $2.75 per million British thermal units.
April West Texas Intermediate crude CLJ8, -0.77% dropped 53 cents, or 0.9%, to $62.07 a barrel. The contract has gained 2.6% over the past two sessions, scoring a third-straight climb on Wednesday. May Brent crude LCOK8, -0.84% the global oil benchmark, fell 62 cents, or 0.9%, to $65.17 a barrel.
The American Petroleum Institute late Tuesday reported U.S. crude supplies rose 5.7 million barrels for the week ended March 2, according to sources. It also showed a fall of 4.5 million barrels in gasoline stockpiles, while distillate inventories climbed 1.5 million barrels.
That data comes ahead of official supply data from the Energy Information Administration due Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a rise of 2.5 million barrels for crude inventories, along with declines of 500,000 barrels for gasoline and 1.6 million barrels for distillate supplies.
Oil prices fell late Tuesday on the API data, with losses then compounded by news of Cohn’s resignation, which also triggered sharp losses for U.S. stock futures and weakness in the U.S. dollar. Oil has been broadly tracking moves in stock markets, which have been volatile since an early February selloff.
Cohn’s resignation came on the heels of U.S. President Donald Trump’s decision to impose steel and aluminum tariffs that had been opposed by the economic adviser. He was largely viewed as a steady hand in an administration that some critics have called tumultuous.
On Nymex, April gasoline RBJ8, -0.09% shed 0.2% to $1.929 a gallon, while April heating oil HOJ8, -0.61% fell nearly 1% to $1.885 a gallon.
April natural gas NGJ18, +1.16% was flat at $2.75 per million British thermal units.
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