Oil now slightly lower on the day
WTI crude oil is trading down 14-cents to $69.48 after touching $70.00 for a moment in early trading.
OPEC Secretary General Barkindo is upbeat in comments just crossing the wires. He said inventories will continued to fall in the coming months after declining by 6.9 million barrels in April. That’s down 160m barrels from this time a year ago.
“We expect to see further drawdowns in the months ahead,” he said while noting that compliance with cuts was 114% in April.