Oil fell below $70 as the physical market for crude signaled that supplies are more than adequate to meet tepid demand. West Texas Intermediate’s June-July cash roll, which reflects crude supply balances at Cushing, Oklahoma, dropped to a discount of 30 cents a barrel, indicating lower demand for barrels being delivered in June than in July. Stockpiles at ...
WTI futures hit their lowest level since May 5. Bob Iaccino explains.