Crude oil prices fell more than 1% to $69 on news that supplies of crude oil, gasoline, and distillate all rose in the latest week, contrary to expectations for a decline.
Also, a slightly smaller than expected upward revision to second-quarter U.S. economic growth as measured by GDP (gross domestic product) reinforced hopes that the Federal Reserve may have ended its interest rate raising cycle.
Stock prices turned higher on this news, but I doubt that the gains can be sustained.
Unless a surprising employment report gives the market some direction on Friday morning, choppy, directionless market behavior may continue. Many traders are on vacation this week, and so a truer reading of the market intentions may be postponed until next week.
I still see potential downside risks outweighing potential upside rewards.