Oil Falls As Higher Gasoline Supply Hits Market

Brent crude declined from its highest closing level in a week. U.S. distillate and gasoline inventories probably increased last week, according to a Bloomberg survey before data tomorrow.

Futures dropped as much as 0.8 percent in London. U.S. distillate stockpiles, including heating oil and diesel, rose by 240,000 barrels last week in the seven days ended Dec. 13, according to the median estimate of eight analysts surveyed by Bloomberg before data from the Energy Information Administration. Gasoline supplies rose by 1.75 million barrels, adding to three weeks of gains, the survey showed.

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