U.S. oil drops nearly 3% – Tyler Richey’s Take on Market Watch, October 4, 2018

U.S. oil drops nearly 3% on domestic stockpile surge, talk of efforts to raise output

“Fundamental dynamics have shifted in favor of the bears this week with a huge build in commercial crude oil stocks and news that Saudi Arabia and Russia made a private agreement weeks ago to increase output to help offset the declining exports from Iran,” said Tyler Richey, co-editor of the Sevens Report.

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