Oil futures sink as bearish signals pile up from OPEC+ bringing back withheld output to possible demand fallout over U.S. trade tariffs and expectations for talks toward ending the Russia-Ukraine war.
“All the planets have lined up in favor of the bears in recent days and the crude oil price has suffered accordingly,” Mizuho’s Robert Yawger says in a note. “Then the EIA weekly storage report dropped another bear bomb on the market.”
The EIA reported a larger-than-expected 3.6 million barrel increase in U.S. crude inventories, and further builds are likely as refineries take advantage of the slow season to do maintenance, Yawger says.