Oil Drops After Goldman Forecasts Higher Inventories

West Texas Intermediate fell from the highest level in a week before U.S. government data forecast to show crude inventories rose to the most in four months in the world’s biggest oil consumer.
Futures dropped as much as 0.8 percent in New York, declining for the first time in four days. U.S. crude stockpiles climbed for a sixth week, according to a Bloomberg News survey before a report from the Energy Information Administration tomorrow. Goldman Sachs Group Inc. cut its 2013 estimate for production from the Organization of Petroleum Exporting Countries, citing supply constraints in Libya.

via Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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