Futures Movers: Oil steadies as U.S. supply worries ease

Oil futures were little changed Tuesday, trading on either side of unchanged after a selloff the previous day as production in the Gulf of Mexico began a post-storm recovery.

“Near-term, the trend is still higher, but the combination of formidable technical resistance in the mid $60s [for WTI] and persistent demand concerns due to the trade war will likely prevent prices from making new highs for the year,” said Tyler Richey, co-editor at Sevens Report Research.

“That could change if the pace of [U.S.] stockpile draws, which have averaged 6.6 [million barrels] per week over the last month, holds near current levels,” he said in daily report.

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