Oil steadies near two-month low as US stockpiles climb, equity rout eases

Oil is poised for the worst monthly decline since July 2016 as ongoing trade tensions stoke concerns over global energy demand at a time American crude stockpiles are increasing

Oil steadied near the lowest level in two months as a rout in global equity markets abated.

Futures in New York fell 0.2 per cent, paring earlier decline of as much as 1.2 per cent. The Stoxx Europe 600 index increased, while futures on the S&P 500 Index advanced after an earlier rout wiped out all of the U.S. index’s gains for this year. Meanwhile, a government report on Wednesday showed American crude stockpiles climbed more than expected, rising for a fifth week.

Oil is poised for the worst monthly decline since July 2016 as ongoing trade tensions stoke concerns over global