Oil Near 4 Month Low Due to High Inventories

West Texas Intermediate fell to trade near the lowest price in more than four months amid speculation crude inventories increased for a seventh week in the U.S., the world’s biggest oil consumer.
Futures eased 0.2 percent after settling last week at the lowest close since June. Crude stockpiles probably expanded by 2.2 million barrels to 386.1 million last week as production climbed to a 24-year high, according to a Bloomberg News survey of analysts before data from the Energy Information Administration tomorrow. Libya is preparing to resume crude exports at its Hariga terminal in coming days.

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