Oil topped out yesterday
Oil was higher yesterday until John Bolton was fired as US national security advisor. The removal of the uber-hawk took some of the political risk out of crude and it's been on the defensive since.
Technically, the high yesterday was almost precisely at the July 31 high of $58.82. It's now at $57.00.
The weekly oil inventory headline was bullish for oil but the market didn't like the big weest coast draw and that may not be an indicator of the underlying market. The 2.7 million build in distillates was also a disappointment.
