–Oil futures were near their lowest levels of the day in early afternoon trading Thursday in Asia after nearly 2 weeks of strong gains and amid fresh selling in the region’s stock markets.
–August light, sweet crude on the New York Mercantile Exchange was recently down 0.4% from Tuesday’s settlement level at $73.86 a barrel in the Globex trading session. September Brent fell 0.7% from Wednesday’s finish to $77.68. The U.S. market was closed for Independence Day on Wednesday.
–WTI was initially higher from Tuesday’s finish after an industry group said U.S. oil and gasoline supplies logged further strong declines last week. The government’s reading is due later Thursday, and a drop in crude inventories would be the 7th-straight by EIA’s count.
Write to Biman Mukherji at firstname.lastname@example.org