Oil futures snap a two-day losing streak in a session of ups and downs that included mixed U.S. inventory data and the Fed’s widely expected interest-rate cut.
“Crude looks to be locked into a holiday-type trading pattern with heavy global supplies versus stable demand, with the wild card being geopolitical events,” Dennis Kissler of BOK Financial says in a note.
The EIA reported a 1.8 million barrel crude stock draw for last week, but bigger-than-expected builds in gasoline and diesel stocks.