According to The Energy Information Administration (EIA) U.S. oil stockpiles fell by 6.9 million barrels last week. Overall, crude prices continue to see downside pressure.

Also making headlines during the Wednesday morning trading session were tariffs. China just waived import tariffs on 16 American products, U.S. crude and U.S. soybeans did not make this list.

Despite positive signals from both sides, the reality is the trade war remains a headwind for oil.

Bob Iaccino discusses this and more on today's "Your Need To Know."

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