Oil Loses Traction As Traders Focus on Geopolitical Situation

After hitting a seven-week high earlier today, oil prices pared some gains as geopolitical reclaimed focus in the second half of the day and following the American Petroleum Institute’s (API) data showing an unexpected rise in U.S. crude stockpiles yesterday.  The Juneteenth federal holiday in the U.S. meant low trading activity for commodities on Wednesday, and markets will have to take an extra day to receive the official U.S. stockpile report from the Energy Information Administration (EIA).  At 3:35 p.m. ET on Wednesday, Brent…