From Myra P. Saefong:
U.S. oil futures dropped Thursday to finish at their lowest in more than two months after U.S. government data showed a modest weekly decline in domestic crude stockpiles, along with an increase in crude production to a record. Still, “concerns about the global economy and trade war angst are the two biggest influences on the energy market right now and until there is improvement on both of those fronts, it will be hard for oil futures to register any material upside gains,” said Tyler Richey, co-editor at Sevens Report Research. July WTI oilCLN19, -3.86% fell $2.22, or 3.8%, to settle at $56.59 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since March 8, according to FactSet data.