Crude oil futures fell under immense pressure this week following Friday’s sharp selloff. November WTI crude oil recovered slightly on Wednesday after posting fresh five-month lows the previous day. 

Prices traded below $60 a barrel this week for the first time since June amid rising trade tensions between the U.S. and China. Tit-for-tat between the two countries added to the recent bearish sentiment, as decreased trade could lower crude demand further below future production estimates. 

The Department of Energy will release its weekly petroleum status report on Thursday. Last week’s report showed that commercial crude oil inventories have been rising again but remain below year-ago levels. 

Heating oil futures led the energy markets lower on Wednesday and are trading at the lowest since early June. Retail diesel prices have been softening over the past few weeks due to lower demand. However, prices remain about 3.4 cents higher than a year ago.

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