Oil tries to break out but gets reeled back in ...Middle East

Crude rose to as high as $66.28 in a two-month high but turned around in US trading and settled 31-cents lower to $64.98.

Data so far this month suggests OPEC supply hasn't been as big of a problem as anticipated, as compensatory cuts offset the production increases but more pledged hikes are coming and could continue into the autumn. If the US trade war doesn't reverse then that rising supply could hit falling demand in a struggling economy.

This article was written by Adam Button at www.forexlive.com.

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