Oil prices dumped and pumped after US SecState Pompeo raised more uncertainty about MidEast and China during an interview with CNBC this morning. WTI did recover back to $56 by the NYMEX close ahead of the inventory data. “The weakening global economic backdrop continues to control the narrative across equities and other asset classes and the oil market is certainly not being spared,” said Michael Tran, commodity strategist at RBC Capital Markets. API • Crude -3.454mm (-1.8mm exp) • Cushing -2.803mm - biggest draw since Feb 2018 • Gasoline -403k • Distillates +1.806mm {image} After two weekly builds, API reports a ... (full story)