Oil Falls On Higher Supply Forecast

West Texas Intermediate crude fell to the lowest level in three months on estimates that crude stockpiles climbed in the U.S., the world’s biggest oil-consuming country.
Prices dropped as much as 2.1 percent. The Energy Information Administration will probably say today that supplies climbed by 3 million barrels last week in a fifth consecutive increase, according to a Bloomberg survey. The industry-funded American Petroleum Institute reported a 3 million-barrel gain yesterday. WTI’s discount to Brent widened to a six-month high.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza