Oil futures expand profits after large US stock builds
Oil futures expand early profits beyond massive US crude inventory builds as the threat of US tariffs on Russia adds geopolitical risks.
The US trade deal supports prices with the EU and others this week, but the agreement with China is pending.
“The news shows a surge in crude oil prices, but technical analysis shows that the risk of a price cap remains within the boundaries of the three-year downward channel,” says Razal Hilal of Forex.com in a memo.