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U.S. oil prices lose 5%, drop back toward $70 a barrel

“U.S. oil prices dropped back toward $70 a barrel on Wednesday, losing 5% to finish at their lowest in over two weeks” writes Markets Commodities Reporter for marketwatch.com. The Energy Information Administration reported that U.S. crude supplies sank 12.6 million barrels last week.The news, however, failed to offset pressure from expectations that Libya will soon resume oil exports and concerns surrounding the economic impact of worsening U.S.-China trade tensions and a stronger dollar. August West Texas Intermediate crude CLQ8, -4.06% dropped $3.73, or 5%, to settle at $70.38 a barrel on the New York Mercantile Exchange, the lowest finish since June 25, according to FactSet data.
 
Source: marketwatch.com



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