Crude-oil futures fell early Wednesday amid fresh signs of rising U.S. output.
Oil prices had touched three-month highs in recent days, rising on the back of growing optimism the U.S. and China could strike a trade deal, as well as evidence of shrinking global supply because of OPEC-led production cuts. U.S. stats, however, tossed cold water on the shrinking global supply picture.
”Oil prices slipped from this year’s high overnight, with surging U.S. supply and slowing economic growth capping price gains supported from supply cuts led by OPEC-plus,” said Dean Popplewell, vice president of market analysis with Oanda.
