Oil pares gains, backs off three month highs

Crude oil declined from a three-month high in New York before the release of economic data forecast to show that the recovery is losing steam in the U.S., the world’s second-largest energy consumer.

Oil fell for the first time in five days as equity markets retreated on speculation U.S. service industries grew at the slowest pace in five months in July. Gasoline inventories increased 2.3 million barrels last week, the American Petroleum Institute said yesterday. A government report later today may show motor fuel and crude supplies fell.

Bloomberg

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Dean Popplewell

Dean Popplewell

Vice-President of Market Analysis at MarketPulse
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell