Oil Range Bound Before Crude Inventory Report Could Show a Gain

West Texas Intermediate fluctuated amid forecasts that a report tomorrow will show that U.S. crude supplies gained a 10th week while stockpiles of distillate fuel, a category that includes heating oil and diesel, dropped.
Futures traded in a 86-cent range. The Energy Information Administration will probably say crude inventories rose 750,000 barrels last week, according to the median of nine responses in a Bloomberg survey. Stockpiles of distillate fuel fell to a five-year low, the survey showed. Prices slipped yesterday after Iran and world powers reached an interim agreement on Nov. 24 to restrict the country’s nuclear program.

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