Oil Edges Lower as Stockpile Gain Undercuts Risk-On Sentiment

Oil edged lower as signs of a softening crude market undercut broader strength across risk assets.

West Texas Intermediate futures dipped 0.2% to settle above $66 a barrel, extending a three-day losing streak. The commodity followed broader markets off its lows after President Donald Trump denied a plan to fire Fed Chair Jerome Powell. Still, that rebound wasn’t enough to fully undo a slide driven by government data showing falling distillate demand and rising inventories at the key storage hub in Cushing, Oklahoma.