U.S. oil pulls back below $83 as more crude shipments arrive after delays due to Red Sea disruption [MSNBC.com]
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Source: MSNBC.com
A pumpjack is shown outside Midland-Odessa area in the Permian basin in Texas, U.S., July 17, 2018. Image taken July 17, 2018.Liz Hampton | ReutersU.S. crude oil hovered below $83 a barrel on Wednesday, pulling back slightly after rallying nearly 2% in theprior sessionTraders' focus has shifted back to supply and demand fundamentals as the threat of war between Israel and Iran has faded.The market looks somewhat bearish at the moment with global oil inventories rising as crude that was stuck on the water due in part to Red Sea disruptions is now unloading, according to a Goldman Sachs note from Tuesday. This is reducing tightness in the market, according to the bank.Goldman also sees the geopolitical risk premium factored into prices easing by another $5 to $10 a barrel in the coming months.Here are the latest energy prices:U.S. commercial crude stockpiles, which exclude the strategic petroleum reserve, fell by 6.4 million barrels last week, the largest drawdown since mid January, acc
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