Oil futures fell Wednesday, threatening to end a three-day winning streak, after industry data showed a large rise in U.S. crude inventories.
Oil prices drop as rising US crude inventories and hawkish Fed comments weigh on sentiment. Traders eye key support levels and EIA data for direction.
Oil prices slip as rising U.S. stockpiles and tariff concerns pressure demand. Will strong refinery margins support a rebound?
Oil prices fell on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, paring back three days of gains driven by increasing Middle East tensions and intensifying sanctions.
'Fast Money' guest trader Kate Stockton talks the technicals in the energy trade.
"We play by the rules. If there is an international sanction, which is anchored, we would not want to go around it," India's oil minister Hardeep Singh Puri told CNBC.
Crude oil reclaimed the 50-Day MA at $72.83, signaling strength. Watch resistance between $74.60-$74.89 and potential support at $70.91.
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Herman Wang, managing editor, oil news at S&P Global Commodity Insights, discusses BP earnings, after the oil giant vowed a strategy reset and posted a sharp drop in fourth-quarter profit.
President Donald Trump is threatening to impose tariffs on Canadian energy resources on March 4. U.S. refiners have become increasingly reliant on heavy crude from Canada because it is cheaper, with few viable alternatives.
The crude oil markets look as if we are going to continue to see buyers jumping into the market on pullbacks. At this point, the market seems to be finding a bottom.
Oil futures were on track for a third straight gain Tuesday, with traders shaking off worries over President Trump's tariff strategy to focus on tighter sanctions on Iran and Russia.