Oil took a breather after a three-day rally as concerns over a demand-sapping recession filtered back into the market, overshadowing signs that global stockpiles and supply continue to tighten. West Texas Intermediate fell to trade near $111 a barrel after adding around 7% over the previous three sessions. Federal Reserve officials played down the risk that the US economy will tip into recession even as they raise interest rates, but concerns about global growth are persisting.
is expected to rubber-stamp another modest supply increase for August this week, although the cartel has struggled to meet its targets this year. The market is facing supply disruptions from Libya to Ecuador, while industry data showed US crude stockpiles fell further at the key storage hub of Cushing. The Energy Information Administration said a delayed weekly oil report will be published Wednesday, putting an end to a two-week delay.
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