However, oil prices were tumbling, again, Tuesday on expectations that global crude inventories would continue to expand, reports Nicole Friedman for the Wall Street Journal.
For instance, in the U.S., the most pressing concern is that Cushing inventories could soon hit maximum capacity as U.S. producers have been increasing production despite falling prices.
“The current hyper-focus on U.S. inland crude dynamics is reaching a boiling point,” Tudor, Pickering Holt & Co. said in a note.
United States Oil Fund
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Max Chen contributed to this article.