API Data Said to Show Weekly Crude Supplies up 6.3 Million Barrels

The American Petroleum Institute reported that crude supplies jumped by 6.3 million barrels for the week ended Nov. 6, according to sources late Tuesday. A Platts survey of analysts forecasted an increase of 500,000 barrels. Following the data, December crude was at $43.63 a barrel in electronic trading, down from the $44.21 settlement on Nymex. The more closely watched EIA report is due Thursday, a day late because of Wednesday’s Veterans Day holiday.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.