Oil futures fall ahead of weekly US inventory data

摘要

New York—Oil futures fell Wednesday, with ICE July Brent settling $1.53 lower at $50.31/b on expiry, amid concerns that OPEC-led supply cuts will prove inadequate to rebalance the global oil market. Saudi Arabia’s energy minister, Khalid al-Falih, tried countering that narrative Wednesday, arguing last week’s agreement to extend the joint OPEC/non-OPEC supply cuts would lead to “further and more accelerated inventory drawdowns.”