Oil Falls After Inventories Show Rise in Stock

West Texas Intermediate crude slipped from a four-month high after the Energy Information Administration said U.S. inventories climbed. Brent declined.

WTI dropped for the first time in three days. Crude supplies increased 973,000 barrels in the week ended Feb. 14. Analysts surveyed by Bloomberg had expected a gain of 2.25 million. Supplies at Cushing, Oklahoma, declined for a third week as the southern leg of TransCanada Corp.’s (TRP) Keystone XL pipeline moved oil to the Gulf Coast.

“The crude build is offsetting Cushing,” said Bill Baruch, a senior market strategist at Iitrader.com in Chicago.

WTI for March delivery, which expires today, fell 26 cents, or 0.3 percent, to $103.05 at 11:14 a.m. on the New York Mercantile Exchange. The futures were at $103.12 before the report was released at 11 a.m. in Washington. April crude, the most active contract, slid 17 cents to $102.67. The volume of all futures traded was 23 percent below the 100-day average.

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