WTI crude futures settle at USD 60.71, down USD 0.65, Brent crude futures settle at USD 64.64, down USD 0.31

WTI momentum stalled after a failure to negotiate the $62.00 level, with the slide helped along as risk sentiment turned sour after news US Sec of State Tillerson was sacked by President Trump. The risk-off saw the front-month spreads move into contango, which added more bearish impetus.  There was additional downside pressure after news from Libya’s Zawiya oil port, where a deal was struck with workers, preventing further strike action. After the bell today, API reports weekly inventories. The Street expects a Crude build +1.5 Mln, Cushing build +320k, gasoline draw -2.1mln, distillates draw -1.4mln.